LIBRARY 

OF     TMF 

UNIVERSITY  OF  CALIFORNIA. 


C7.ZS5 


HISTORY 

OF  THE 

BILLS    OF   CREDIT 

OB 

gaper  Poncy  i$$\ml  h\j  ^m  fuvllt, 

From  1709  to  1789: 


DESCRIPTION  OF  THE  BILLS,  AND  CATALOGUE 
OF  TUE  VARIOUS  ISSUES. 

By   JOHN    IL    HICKCOX. 

AUTHOR  OF    AMERICAN    COIiVAGE. 


ALBANY,  N.  Y.: 

J.    H.    HICKCOX    &    CO. 

1866. 


Edition  'i5{)  copiks. 

50  COPIKS  I.AUG K    I'AI'EIl  IK  yUARTO. 


6E/VERAL 


r.  Ml"?<.SBI-L.  rUlNTEli. 


INSCRIBED 


^\)c   iitemorg 


DR.    T.    ROMEYN    BECK 


11  :i:^9S 


ro:^TE]^TS. 


I.  —  The  Early  Currency  op  America 1  — 4 

II.  —  The  Introduction  of  Paper  Money  into 

America 5  —  7 

III.  —  The  Paper  Money  of  New  York 8 —  50 

IV.  —  Catalogue  of  the  Bills  Issued  by  New 

York,  from  1709  to  1789 ;  with  Descrip- 
tions   58  —  80 

V.  —  Recapitulation 81 

VI.  —  List  of  Acts  Relating  to  P.vper  Currency  84  —  98 
VII.  —  Scale  op  Depreciation  as  Established  in 

New  York 99 

VIII.  —  Index 101 


V-  ■  -    ■ 

C"-"  The 

-V,       OF  / 


OBarln  Ncu)  ^ork  |3apcv  ^urrciuij. 


The  Early  Currkncy  of  America. 

The  representative  of  currency  used  in  America 
durinG;  the  earlier  period  of  colonization  consisted 
of  peltry  and  wampum.^  The  former  was  oftered 
in  almost  unlimited  quantities;  the  latter,  called 
also  zewan  by  the  Dutch,  held  an  arbitrary  value 
for  many  years.^  Botli  were  repeatedly  recognised 
as  currency.^     The  necessity  for  coin  only  partially 

iSiiiil  to  be  dorivcd  from  irdi/ipi,  signifying  in  Massachusetts 
Indian  language  —  icMic.  It  was  strung,  and  sometimes  formed 
into  hcMs.—Encyc.  Amer. 

2  Its  manufacture  by  the  natives  was  necessarily  rude.  They 
commonly  used  the  oyster  and  clam  shell.  The  l)eads  were 
bored  with  sharp  stones,  and  strung  upon  sinews.  The  dark 
bead,  less  than  an  inch  in  length  andbt/red  longitudinally,  Avas  of 
the  greatest  value  and  more  highly  esteemed  tlian  European  gold 
and  silver.  The  Dutch  somewhat  improved  it  and  made  use  of 
white  and  blue  beads,  which  were  manufactured  from  the  sea 
conch  and  muscle.  A  string  one  fathom  long  was  valued  at  four 
guilders,  or  one  dollar  sixty-six  and  one  half  cents  of  our  cur- 
rency—  Munsell's  Annals. 

^N.  T.  Col.  Docs.,  I,  87,  303;    it,    594,  G97,  703.    Alh<nni  Citi/ 
liecw'ds,  Sept.  23, 1G86,  etc. 
1 


2  Early  Paper  Currency. 

existed,  and  its  cireulatioii  in  iSTew  Netlierlaud,  at 
least  diiriiiii-  tlic  administration  of  the  West  India 
Company,  was  limited.  Indeed  a  small  amount 
was  sufficient,  as  the  general  dealings  of  the  com- 
munity were  hy  trade  or  barter.  Beaver  was  for  a 
long  time  the  standard.  Wampum  never  had  a 
fixed  value, ^  but  varied  from  four  to  eight  black 
beads  for  a  stiver.  The  repeated  complaints  on  the 
subject  of  its  fluctuation  seem  to  have  been  un- 
heeded by  the  Directors  of  the  Company,  who  would 
have  the  colonists  consider  it  as  good  as  bullion, 
yet  would  receive  only  l)eavcr  skins  in  payment  of 
duties  and  taxes,-  while  supplies  could  be  obtained 
only  for  l)eaver  or  silver. 

That  there  was  however  at  an  early  date  a  supposed 
scarcity  of  coin,  appears  from  the  foct  that  in  1642 
the  Council  petitioned  the  Company  to  raise  the 
value  of  money  in  order  to  prevent  its  exportation 
to  foreign  countries ; ''  and  at  a  later  period  Governor 
Stuyvesant  endeavored  to  introduce  a  s])ecie  cur- 
rency, and  as  one  expedient  proposed  in  imitation 
of  New  England,  to  establish  a  mint  at  New  Am- 
sterdam.^ In  1()7::J  there  was  little  or  no  certain 
coin.  \\';ini|mni  passed  for  current  payment,  and 
it  continued  to  constitute  the  currency  of  the  com- 

iCW.  J)<icx.,  Ill,  ;}o:3. 

^O'Calliighan's  JS'eic  Nethcrland. 

s  Vol.  Doci.,  I,  203. 

*  M.iiiiixcn'iit  Hiconls,  Si-cTclaiy's  OllU'c,  iv,  387,388. 


Early  1'apkr  Cuiuikkcv.  3 

iiion  or  lal)oriiig  people  long  after  the  eoloiiy  eeased 
to  belong-  to  the  Duteh.^ 

lu  most  of  the  other  provmoes  a  barter  trade  was 
carried  on  similar  to  that  of  New  Netherland. 
Wampum  was  introduced  into  New  England  by 
Isaac  Be  Razier  in  1G27,  and  passed  at  the  rate  of 
5s.  per  fathom.  The  General  Court  ordered  in 
1643,  "that  wampumpeag  should  pass  current  in 
the  pa^anent  of  debts  to  the  amount  of  forty  shill- 
ings." Besides  this,  English  and  Dutch  coin,  Indian 
corn,  wheat,  rye,  barley,  peas,  live  stock,  beavei, 
bullets  and  gunpowder,  constituted  its  currency 
during  the  early  days  of  that  colony.  - 

Virginia  in  1618  made  the  following  enactment  — 
"  Ml  goods  shall  be  sold  at  an  advance  of  twenty-live 
per  cent,  and  tobacco  taken  in  payment  at  three 
shillings  per  pound,  at  not  more  or  less,  on  the 
penalty  of  three  years  servitude  to  the  colony."'^ — 
Other  colonies  at  this  date  had  simiar  regulations  ; 

1  In  108:3,  the  schoolmaster  in  Flutbush  was  paid  his  salary  in 
wheat,  "wampum  value,"  and  ten  years  later,  the  ferriage  for 
each  single  person  from  New  York  to  Brooklyn  was  eight  stivers 
in  warai)um,  or  a  silver  two  pence.  —  O'Callmjhan. 

2 In  Massachusetts  (1631),  the  following  enactment  was  made: 
"  It  is  ordered  that  corne  shall  passe  for  payment  of  all  debts  at  the 
usual  rate  it  is  solde  for,  except  money  or  beaver  be  expressly 
named."  Again  in  1635  —  "  It  is  ordered,  that  hereafter  farthings 
shall  not  passe  for  currant  pay.  It  is  likewise  ordered,  that  mus- 
kett  buUetts  of  a  full  boare  shall  passe  currently  for  a  farthing  a 
peece,  provided  that  noe  man  be  compelled  to  take  above  12(/.  att 
a  tyme  of  them."  —  Mass.  Records. 

3  Holmes's  Amer.  Annals. 


4  KAULi'    i'Al'iiK    CUJiltKM'V. 

and  ii!^  late  as  ITIMJ  inspoctor's  reccipt.s  for  tobacco 
Avliicli  liad  l)ccu  lodged  in  the  ware  lionsc,  to  await 
exportation.  ])asso(l  cnrrent  as  casli. 

In  Pennsylvania,  about  the  year  1700,  a  proposi- 
tion was  brought  before  the  General  Assendjly  to 
make  domestic  products  a  legal  tender,  at  their 
current  rates,  although  according  to  one  account' 
specie  was  more  plentiful  in  that  pro\ince  than  in 
England.  As  late  as  1732  in  Maryland,  an  act  Avas 
passed  nuiking  tobacco  a  legal  tender  at  one 
penny  per  pound,  and  Indian  corn  at  twenty  ceids 
per  bushel. 

iTlioiuas's  Arroimf  of  Pcnn.^//lnnioi,  1G98. 


Early  I'Ariiu  (Juurenov. 


II. 

TiiK  Introduction  or  Paper  3Ioney  into  America. 

The  introduction  of  paper  money  into  America, 
as  a  medium  of  excliange,  was  made  in  Massacliu- 
setts.  Prior  to  tlie  year  1652  bills  passed  current 
in  the  payment  of  debts.^  In  this  year,  the  subject 
was  discussed  in  the  General  Court  with  the  view 
of  increasing  the  facilities  of  trade.  No  enactment 
followed,  but  we  find  an  approximation  to  it  in 
1675  in  the  following  record:  "For  the  prevention 
of  the  charge  and  trouble  of  transportation  of  the 
rates  to  be  leveyed,  to  the  treasurer  of  the  county, 
as  also  matter  of  convenience  therein  appearing,  it 
is  ordered  that  bills  for  wages,  horses,  provisions, 
&c.,  being  regularly  passed  to  the  sayd  treasurer, 
the  Treasurer  upon  the  desire  of  persons  concerned 
shall  repass  bills  to  the  constables  of  such  townes, 
where  sums  are  due  upon  the  aforesaid  accounts."- 

In  1686,  during  the  presidential  government  of 
New  England,  permission  was  granted  to  John 
Blackwell  of  Boston,  and  others,  residents  of  Eng- 

1  Felt's  Account  of  Massachusetts  Currency. 
■^  Massachusetts  Records. 


6  Early  Paphk  Cluukncv. 

liiiul  us  well  as  o\'  this  country,  to  oomiuence  the 
issuing  of  bank-hills  "on  the  security  of  real  and 
personal  estate  and  imperishahle  niei-chandize." 
IIow  tar  and  how  long  tlie  operations  of  this  corpo 
ration  Avere  carried  on,  is  not  precisely  known. 

It  Avas  in  1690  that  the  first  issue  of  paper  money 
Avas  made  hy  an  American  colony.  New  England 
and  New  York  undertook  to  drive  the  French  from 
Canada.  The  expedition  failing,  the  soldiers  re- 
turned sooner  than  was  expected,  and  were  clamor- 
ous for  their  pay,  and  being  unwilling  to  await  the 
time  necessary  to  raise  a  revenue  by  a  direct  tax, 
the  authorities  of  Massacliusetts  resolved  in  the 
emergency  to  issue  a  }ta[icr  currency,  and  thereupon 
directed  a  committee  to  prepare  immediately  l»ills 
to  the  amount  of  XT, 000.^  Many  precautious  were 
made  in  order  to  preserve  tlicii-  Aaluc,  but  (le}ircci- 
ation  speedily  followed  their  issue.  The  govern- 
ment .received  them  at  })ai-  in  payment  of  taxes,  and 
added  five  per  cent  to  the  principal,  so  that  they 
soon  became  objects  of  speculation. 

The  next  colony  which  issued  paper  money  was 
Carolina,  the  necessity  for  Avhich  grew  out  of  an 
expedition  against  St.  Augustine  in  1702.  Dills  of 
credit  to  the  amount  of  <£C,000  were  issued,  to  be 
cancelled  in  three  years,  by  a  duty  laid  upon  liquors, 
skins  and  furs.     In  1705  or  170G  a  paper  money  act 

1  Acconlin.;;- lo  Hutchinson  these  liills  were  issued  in  noles  Ironi 
3».  to  £10.     Mr.  Felt  says  from  .">.■<.  to  £0. 


Early  Paper  Currency.  7 

was  passed  in  the  island  of  Barbadoes.  These  three 
instances  are  beheved  to  be  the  only  enactments 
creating  bills  of  credit  in  the  British  American  colo- 
nies prior  to  the  acts  passed  in  Connecticut  at  the 
session  begun  in  May,  1709,  and  in  Ncav  Yoi-k,  June 
8th,  of  the  same  year 


Early  Papkr  Or rrenoy. 


III. 

Tfik  Paper  Money  of  Xe\y  York. 

NcwNetlu'rlaiid  \v;issnrri'ii(I('rc'(l  tollio  Kii«;-IisL  in 
1G()4,  the  Duke  of  York  ]ia\iii_t;'  ohtaiiR'd  a  ii,-raiit  of 
the  province  from  King  Charles  II.  The  Dutch 
reconquered  the  country,  hut  it  was  eventually 
restored  to  the  English  in  1674,  when  the  Duke 
ol)tained  a  new  grant  of  tlie  colony  of  jSTcw  York. 
Tlie  govcrmneut  was  composed  of  the  governor  and 
council  appointed  hy  the  king,  and  suhseciuently  of 
the  assembly  clioseu  hy  the  people.  In  it  was 
vested  the  authority  to  make  laws,  subject  to  the 
approval  of  the  proprietary.  The  General  Assembly 
convened  for  the  first  time  in  1682. 

Difhenlties  in  regard  to  the  currency  of  the  pro- 
vince existed  at  an  early  date.  The  coins  of  IIol- 
land,  France,  Germany,  Spain,  England  and  a  rem- 
nant of  the  Massachusetts  coinage  carried  with  them 
each  the  distinct  Aaluations  made  in  theii-  i-osprct- 
ive  countries.  As  has  already  been  stated,  wam- 
pum circulated  for  a  long  time  as  the  colonial  cnr- 
rciicy,  Itiit  it  gradually  disapiicarcd  as  trade  and 
[>i'()s[»crity  increased,  when  the  rcYcnne  foi"  the  sup- 
port of  gOYcrnment  was  derived  from  crown  rents. 


Early  Paper  Currency.  9 

forfeitures,  taxation/  duties,  tlie  emission  of  paper 
money  and  lotteries. 

After  tlie  first  reduction  of  IS'ew  Amsterdam,  the 
necessary  means  to  defend  it  against  the  Dutch  and 
Indians  exhausted  the  money  and  credit  of  the  col- 
ony.^ Trade  hecame  much  reduced,  and  supphes 
from  England  were  protracted  and  small.  Even 
the  private  resources  of  the  governor  were  exhaust- 
ed. He  complained  that  "he  was  utterly  ruined  in 
his  small  estate  and  credit."  During  the  adminis- 
tration of  Gov.  Andros  frequent  eiforts  were  made 
to  increase  the  supply  of  money,  which  was  repre- 
sented as  insuflicient  for  an  ordinary  commerce. 
The  importation  of  British  hrass  farthings,  restamp- 
ing  Spanish  pieces-of-eight,^  the  special  coinage  of  a 
few  thousand  pounds  for  circulation  in  the  province, 
were  plans  severally  suggested,  neither  of  which 
received  material  encouragement.  Gov.  Dongan, 
and  suhsequeutly  the  Earl  of  Bellomont,*  recom- 
mended the  estahlishment  of  a  mint,  which  sugges- 
tion the  duke's  commissioners  signified  their  will- 

iThe  first  internal  tax  in  New  York  (New  Netlierlaud)  was 
levied  iu  1644,  and  was  for  the  purpose  of  meeting  the  expense  in- 
curred by  the  Indian  wars. 

2  In  raising  300  men  for  tlie  protection  of  the  frontier,  it  was 
found  necessary  to  require  each  county  to  raise,  pay  and  maintain 
their  own  men,  according  to  the  proportion  then  agreed  upon. 

31675. 

*  Aug.  27,  1684  and  1700. 
2 


10  Early  Paper  Currency. 

ino-iicss  to  consider,  but  no  fui'tliei-  notice  appears 
to  have  been  taken  of  it. 

The  low  state  of  the  currency  it  was  thouglit, 
arose  from  the  fact  that  most  of  the  foreign  trade 
canie  through  Boston  and  other  pUices  of  the  East, 
which  tended  to  draw  in  that  direction  the  money 
as  well  as  produce.  In  view  of  such  facts  the  mer- 
chants of  I^ew  York  petitioned  the  general  assem- 
bly for  enactments  which  it  was  imagined  would 
increase  the  supply  of  currency.  It  was,  in  fact, 
injudicious  legislation  which  had  already  removed 
the  currency  from  the  province ;  it  was  now  proposed 
that  no  wheat  should  be  exported  from  the  province 
save  only  for  the  Madeira  Islands;  that  the  ten  per 
cent,  formerly  laid  upon  all  European  goods  that 
did  not  come  directly  trom  England  hither,  over 
and  above  the  two  per  cent,  already  imposed,  should 
again  be  required. 

The  instructions  from  the  government  were  strin- 
H-ent  and  reiterated  that  no  alteration  should  be 
made  in  the  value  of  current  coin.  It  was  neverthe- 
less subject  t(»  constant  change,  loi'  wc  fnid  that  in 
ItV.*.'),  the  ditfercncc  lictween  New  ^'ork  and  ster- 
lino-  inoncy  was  ahout  one  tifth,  and  in  17'><>  about 
one  quarter.  DilKcnltics  were  increased  too  by  the 
diverse  vahics  hcM  in  the  several  colonies.  Pieces 
of  eight  of  the  vahie  of  Gs.  passing  in  New  York 
for  O.v.  \h/.,  in  New  Jersey  for  Is.  X</.,  in  Maryland 
for  4n.  ()'/.,  and  in  Virginia  and  Carolina  for  ;")>•.  To 
relieve   these  eniharrassniciils  the   ([neen   in     1705, 


Early  Paper  Currency.  11 

issued  a  proclamation  settliiii^*  and  ascertaining  the 
current  rates  of  coin  in  tlie  plantations. 

Against  this  the  merchants  of  New  York  re- 
monstrated on  the  ground  of  the  frauds  committed 
under  it,  inasmuch  as  in  some  of  the  provinces  the 
proclamation  was  duly  published,  but  no  notice 
taken  of  it.  Lord  Cornbury  was  induced  to  take 
the  responsibility  of  suspending  it.  The  assembly 
afterwards  assumed  the  right  to  settle  the  value  of 
coin  in  a  manner  to  meet  the  view  of  the  colonists, 
for  which  proceeding  it  was  censured  by  the  gov- 
ern men.  t. 

A  few  years  later  (1708)  the  legislature  passed 
an  act  regulating  and  preventing  the  corruption  of 
the  current  coin,  which,  althougli  favorably  com- 
mended by  Lord  Cornbury,  was  reported  against 
by  the  lords  of  trade  on  the  ground  that  coin  was 
raised  to  a  higher  rate  than  was  allowed  by  the  act 
of  parliament  and  the  proclamation.  It  was  sub- 
sequently vetoed,  and  the  veto  published  in  New 
York  and  New  Jersey.  The  legislature,  however, 
disregarded  the  veto,  and  resolved  to  pass  no  bill 
for  money  for  the  support  of  government  unless  at 
the  rates  contained  in  the  vetoed  bill.  Governor 
Hunter  dissolved  the  house  several  times,  but  to 
no  purpose;  both  he  and  all  the  government  officers 
remained  without  support  for  a  number  of  years. 
He  was  finally  under  the  necessity  of  conceding, 
and  the  assembly  appointed  a  treasurer  to  receive 
and  pay  all  money  granted  to  the  king  and  the 


12  Early  Paper  Currency. 

province,  in  place  of  tlic  king's  receiver  general. 
A  few  years  later,  parliament  having  passed  an  act 
regulating,  on  a  uniform  scale,  the  rates  of  foreign 
coin  in  the  plantations,  the  general  assembly  re- 
monstrated on  the  ground  that  if  money  passed  at 
the  same  rates  here  as  at  the  West  Indies,  it  would 
not  be  worth  the  merchant's  Avhile  to  bring  the 
money,  but  rather  the  produce  of  those  islands  in 
return  for  our  produce;  and  as  our  principal  com- 
merce was  to  those  parts,  there  would  not  be 
brought  l)ack  money  enough  to  support  either  the 
government  or  commerce.  It  was  claimed  that  the 
cticct  of  both  the  proclamation  and  the  act  of  par- 
liament would  1)0  to  establish  in  the  colonies  a 
depreciated  currency,  and  drive  all  the  gold  and 
silver  coin  to  England,  and  it  was  urged,  therefore, 
that  assent  should  be  given  to  an  act  which  the 
assembly  had  recently  passed,  regulating  the  cur- 
rency of  the  colony.  This  act  provided  that  Spanish 
pieces  should  not  pass  at  less  than  eight  shillings 
per  oz.,  troy  — whereas  the  proportion  in  the  act  of 
parliament  was  6s.  lOd.  In  the  absence  of  the  royal 
assent,  the  governor,  as  requested,  ordered  the  exe- 
cution of  the  latter  (Xew  York)  act.  ^ 

As  has  already  been  stated,  New  England  and 
New  York  undertook,  at  the  instance  of  the  IJritish 
government,  to  drive  the  French  from  Canada,  cir- 
cular letters  having  been  addressed  by  the  otiicer  of 

1  It  was  subsequently  rei)orted  against  by  tlie  board  of  trade, 
and  vetoed  by  tlie  queen. 


Early  Paper  Currency.  13 

the  crown  to  the  governors  of  the  American  colo- 
nies, directing  them  to  assist  in  carrying  on  the 
expedition.  A  proposition  was  immediately  passed 
upon  in  the  house  of  assembly  of  New  York'  to 
raise  487  men  as  her  quota  for  this  purpose.  It 
was  enacted  that  a  tax  of  .£6,000  should  be  levied, 
but  as  funds  were  needed  immediately,  another  act 
followed-  enforcing  the  currency  of  bills  of  credit 
to  the  amount  of  £5,000.  This  was  the  first  paper 
currency  act  passed  in  New  York. 

Althougli  New  England,  New  Jersey,  and  Penn- 
sylvania joined  New  York  in  this  operation  against 
Canada,  the  latter  contributed  more  than  any  of  the 
other  colonies.  In  the  New  Jersey  and  Pennsyl- 
vania legislatures  the  Quakers  voted  against  the 
appropriations,  and  in  the  former  colony  defeated 
them,  but  subsequently  the  bill  was  reconsidered 
and  passed.  The  expense  incurred  by  New  York 
was  above  £20,000.^  Other  enactments  creating 
bills  of  credit  for  the  same  object,  followed  the  one 
already  mentioned.  In  November,  1709,*  two  were 
passed,  one  for  the  currency  of  bills  to  the  amount 
of  £4,000.  another  for  ten  thousand  ounces  of  plate, 
or  fourteen  thousand  five  hundred  and  forty-five 

1  May  25,  1709. 

2  June  8,  1709. 

3  Smith's  History. 

■•  November  1st  and  12th,  1709. 


14  Eakly  Papeii  Currency. 

Lyon  dollars  1  (o<iual  to  X4,000).  These  bilU  were 
for  a  short  time  received  by  the  treasui-ei-  at  their 
value  with  an  advance  of  2i  [)cr  cent,  from  the  (hito 
of  the  bill  to  the  day  the  treasurer  received  them. 
The  regulation,  as  had  been  the  case  in  Massacliu- 
setts,  induced  many  to  hold  them  on  account  of  the 
accumulating  interest;  but  at  the  next  session  an 
act  was  passed  forbidding  the  treasurer  or  any  other 
person  pacing  or  receiving  any  interest  on  tlieir 
account.  The  bills  then  issued,  as  well  as  those 
emitted  subsequently,  were  cancelled  as  they  were 
paid  in.  To  counterfeit  them  was  felony  without 
benetit  of  clergy. 

Although  the  expedition  against  Canada  was  un- 
successful, a  few  operations  in  Nova  JScotia  and 
Newfoundland  which  had  resulted  favorably,  stim- 
ulated a  renewed  attack  against  the  former.  As- 
sistance arrived  from  England  and  Flanders.  The 
general  asseml)ly  convened,  and  the  subject  was 
brought  before  it.  Some  dissatisfaction  arose  as  to 
the  large  proportion  required  of  New  York,  but  in 
a  few  days^  an  act. was  passed  to  raise  a  force  of 
GOO  men  in  connection  with  360  from  Connecticut, 
3G0  from  the  Jerseys,  and  240  from  Pennsylvania. 
A  new  issue  of  bills  of  credit  was  ordered  to  the 
amount  of  25, <)()()  ounces  of  plate,  or  £10,000,  to 

1  Tlic  value  of  Lyon  iluUavs  in  1711  was  1^1  pwt.  IS  ^ri-.;  in  17l!(), 
15  pwt. 

^July  I'O,  1711. 


Early  Paper  Currency.  15 

defray  tlie  expense.  They  were  to  be  current  not 
longer  than  eight  years.  Every  collector  of  taxes 
was  required  to  indorse  on  the  bill  the  date  of  pay- 
ment, after  wliich  time  the  bill  so  endorsed  was  no 
longer  current. 

Owing  to  bad  management,  and  the  wreck  of  a 
number  of  vessels,  failure  ensued,  the  troops  re- 
turning home  without  even  an  encounter. 

The  state  of  affairs  in  N'ew  York  at  this  time, 
was  by  no  means  harmonious.  Discouraged  by 
recent  disasters,  the  ill  feeling  between  the  governor, 
council,  and  assembly,  manifested  itself  on  several 
occasions.  The  province  was  largely  indebted  to 
individuals  for  money  and  effects,  advanced  for  the 
service  of  the  army.  Provision  had  been  made  by 
former  governors  for  the  payment  of  a  great  part 
of  these  claims,  out  of  the  funds  which  had  been 
from  time  to  time  raised  for  the  support  of  govern- 
ment. Warrants  had  been  signed  and  issued,  but 
the  sums  having  been  misapplied,  the  debts  re- 
mained upon  the  colony:  the  government  credit 
was  low,  and  the  inhabitants  quite  discouraged. 

In  order  to  relieve  difficulties,  which  were  daily 
becoming  more  complicated,  an  act  was  passed  in 
1712,  under  which  commissioners  were  appointed 
to  examine  and  state  the  several  debts  claimed  to 
be  due  from  the  government.  In  order  to  dis- 
charge the  debts  thus  ascertained,  another  act  was 
passed   in    1713,    laying  an    excise   on    all   strong 


16  Early  Paper  Currency. 

liquors  retailed  in  the  colony.  It  was  to  continue 
in  force  from  1714  to  1734,  and  the  money  arising 
thereby,  appropriated  to  discharge  the  public  debts, 
as  subsequently  directed.  Nearly  the  whole  ses- 
sion of  1714,  was  consumed  in  discussing  the  sub- 
ject. Governor  Hunter  informed  the  assemb]y, 
that  he  would  pass  no  law  until  provision  was 
made  for  the  relief  and  support  of  government. 
The  assembly  finally  yielded,  and  passed  an  act' 
"for  paying  and  discharging  the  several  deV)ts  and 
sums  of  money  claimed  as  del)ts  of  this  colony  to 
the  several  persons  therein  named,  and  to  make 
and  enforce  the  currency  of  bills  of  credit,  to  the 
value  of  .£27,680  for  tliat  purpose ;  also  to  make 
void  all  claims  and  demands  made,  or  pretended  to 
be  due  from  this  colony,  before  the  first  of  June, 
1714,  and  to  prevent  this  colony  from  being  in  debt 
for  the  future."  The  several  sums  appropriated, 
were  to  be  paid  in  bills  of  credit,  the  claimants  to 
accept  them  in  full  satisfaction  of  what  was  respect- 
ively due  to,  or  claimed  by  them.  The  bills  were 
to  be  accepted  in  all  payments  of  debts,  as  gold  or 
silver,  thereby  constituting  them  a  legal  tender. 
The  loss  of  such  debt,  and  a  perpetual  bar  from 
its  recovery,  was  the  penalty  for  refusing  such 
])ayment.  Any  person  who  should  offer  to  sell  any 
kind  of  property,  and  refuse  to  sell  the  same  unless 

'  Sept.  4,  1714,  known  as  the  "  1st  Lonii-  Bill." 


Early  Paper  Currency.  17 

paynieut  be  iiuido  in  coin,  was  fined  from  40.?.  to 
£50,  and  costs,  according  to  the  value  of  the  arti- 
cle offered.  The  bills  were  not  issued  before  this 
act.  as  well  as  the  act  laying  the  excise,  were  con- 
firmed by  her  majesty,  which  was  accomplished  in 
Juno,  1717. 

The  statute  excluded  all  who  were  not  expressly 
named  therein,  from  recovering  any  claim  for  debts 
due  by  the  colony,  before  the  1st  of  June,  1714,  and 
objections  were  justly  urged  against  its  approval. 
An  explanatory  act  was  therefore  passed  in  1715, 
which  provided  that  nothing  in  the  said  act,  which 
had  excluded  all  future  demands  whatsoever,  should 
be  construed  to  hinder,  bar,  or  exclude  any  person 
having  any  just  claim  or  demand,  from  pursuing 
and  obtaining  relief. 

For  the  purpose  of  repairing  the  fortifications, 
and  for  other  necessities  of  government,  an  act  was 
passed  on  the  5th  of  July,  1715,  levying  duties  on 
certain  articles,  authorizing  the  emission  of  bills 
of  credit  to  the  value  of  15,000  ounces  of  plate, 
equal  to  about  £6.000,  to  be  current  for  five  years,^ 
and  to  be  canceled  by  the  treasurer  retaining  annu- 
ally, ill  the  first  instance  3,000  oz.  of  plate  fro]u  the 
revenue  arising  from  taxes.  It  was  enforced  with- 
out the  royal  approval.  The  lords  of  trade  refused 
to  submit  it  to  the  king,  because  it  seemed  repugnant 

'  Afterwards  extended  to  nine  years. 


18  Early  Paphr  Cikrency. 

to  the  act  of  parliament,  settlin^s^  the  rates  of  foreign 
coin  in  the  phmtations.  By  the  latter  act,  pieces  of 
eight  were  not  to  pass  for  more  than  6.S.,  whereas 
by  the  iSTew  York  enactment  an  ounce  of  plate  was 
valued  at  85.  Should  the  royal  approval,  said  they, 
be  given,  the  other  governments  on  the  continent 
would  immediately  do  the  same  thing,  and  the  in- 
tent of  the  act  of  parliament  would  be  wholly 
evaded.  To  which  objection  the  governor  replied 
that  the  bill  was  framed  after  the  same  manner  as 
to  the  value  of  coin,  witli  that  for  tlie  payment  of 
the  public  debts,  which  liis  majesty,  by  means  of 
tlieir  lordships'  recommendation,  had  approved: 
that  the  matter  could  in  no  way  affect  the  neighbor- 
ing colonies,  because  they  had  never  yet  complied 
with  the  proclamation.  The  bills  having  become 
widely  dispersed  l)efore  the  objections  of  'he  lords 
of  trade  were  communicated,  and  on  account  of 
the  bad  results  which  would  ensue  both  to  th«  credit 
of  the  colony  and  to  commerce,  from  a  disallowance, 
it  was  permitted  to  lie  by,  until  the  expii-ation  of 
the  time  fixed  for  the  currency  of  the  bills  issued 
under  its  authority. 

Under  the  provisions  of  the  law  passed  in  171  o, 
commissioners  had  1)een  appointed  to  adjust  and 
state  the  several  debts  still  due  by  the  colony.  They 
now  laid  their  account  before  the  assembly.  It 
having  been  I'esolved  to  discharge  the  whole  and  to 
raise  such  sums  as  would  be  necessarv  lor  this  and 


Eaiily  Taper  Cuuuencv.  V.) 

other  purposes,  a  law  was  passed^  raising  and  pat- 
ting- into  the  hands  of  the  treasurer  several  quanti- 
ties of  plate,  and  making  hills  of  credit  to  the  value 
of  41,517  oz.,  equal  to  X1G,G07  ;  and  for  sinking 
them  a  duty  of  1|  oz.  of  plate  was  laid  on  every 
ton  of  wine,  and  2|  grs.  on  every  gallon  of  rum, 
brandy,  and  other  distilled  liquors  imported  for  17 
years. 

A  vigorous  remonstrance  was  made  against  the 
passage  of  this  act,  by  merchant-traders  and  others, 
for  the  most  part  non-residents  of  the  province, 
partly  from  opposition  to  the  excise,  and  partly 
from  the  more  general  encouragement  to  trade 
to  the  prejudice  of  the  few  who  had  so  long 
monopolized  it.  An  agent  was  employed  to  pro- 
cure, if  possible,  its  disallowance.  Gov.  Hunter 
urged  his  personal  protest  against  their  objections 
to  the  bill,  wdiich  he  characterized  as  the  most 
unexceptionable  that  was  ever  passed.  The  lords 
of  trade  referred  the  remonstrance  to  the  lords 
justices,  who  reviewing  the  action  of  the  legisla- 
ture, and  the  necessities  existing  for  the  currency, 
were  unanimously  of  the  opinion  that  the  act 
should  be  confirmed;  at  the  same  time  recom- 
mending that  the  governor  be  enjoined  not  to  give 
his  assent  to  any  other  bill  of  this  nature,  and  to 
transmit  semi-annually,  accounts  of  the  produce  of 
the   funds   appropriated   for   sinking   the   bills    of 

1  Dec.  23,  1717.     Known  as  the  "  2d  Long  Bill." 


credit,  and  the  amount  of  the  hills  aeeording-|y 
sunk. 

Under  the  operations  of  this  law,  the  cnri'ency 
being  based  on  so  solid  a  I'luid  as  that  of  the  excise, 
trade  and  navigation  were  favorably  atfecte(h  Tlie 
bills  of  New  York  were  twenty-five  to  thirty 
jier  cent  better  iu  New  England  than  their  own, 
being  equal  to  silver,  and  in  some  of  the  neighbor- 
ing provinces,  fifty  per  cent  better. 

The  administration  of  Governor  Burnet  l)egan 
on  the  17th  of  September,  1720.  A  supi)ly  for  five 
years  was  granted  him,  and  a  law  passed'  directing 
to  be  printed  forthwith,  bills  of  credit  to  the  value 
of  5,000  oz.  of  plate  (equal  to  £2,000).  It  subse- 
quently appearing  that  the  revenue  was  insuffi- 
cient for  the  large  amount  of  these,  and  other  hills 
required  annually  to  be  canceled,  owing  partly  to 
a  deficiency  in  the  duties,  their  curi-eney  was  con- 
tinued by  later  enactments,  to  !Sept.  1,  17o3,  and 
in  the  meantime  increased  taxes  were  levied. 

In  172o  and  1724,-  acts  were  passed  "for  raising 
and  levying  5,350  oz.  of  plate  (about  £2,140),  and 
for  striking  bills  of  credit  to  that  value  ;"  also,  "  for 
raising  and  levying  the  sum  of  jeG,()30,"  mainly  for 
the  payment  of  government  charges,  the  greater 
part  to  sup[)ly  the  deficiency  in  the  revenue,  which 

iNov.  lit,  1720. 
-July  (J,  and  July  2i. 


Early  i'APEii  Cuuuency.  21 

arose  from  the  arrears  of  fees  due  to  the  auditor 
general;  tlie  bidauee,  for  proinotiug- a  trade  with 
the  Indians,  wliich  was  encouraged  by  keeping  up 
a  constant  supply  of  traders  at  the  public  expense.^ 
The  currency  of  these  bills  was  restricted  to  three 
years. 

The  trade  of  the  colony  at  this  time  was  chieiiy 
with  Great  Britain  and  the  British  plantations  in 
the  West  Indies,  although  it  extended  to  Madeira, 
Curagoa,  Surinam  and  the  French  Islands.  That  to 
the  West  Indies  was  wholly  to  tlie  advantage  of 
ISTew  York,  while  that  to  Madeira  was  to  our  loss, 
the  province  consuming  more  Avine  from  thence 
than  could  be  purchased  with  its  commodities.  The 
money  imported  from  the  West  Indies  was  not 
sufficient  however  to  preserve  a  specie  currency, 
a  large  amount  being  necessary  to  balance  the  ex- 
change with  Great  Britain.  It  seldom  remained 
here  long,  so  that  the  currency  consisted  wholly  of 
paper  bills  and  a  few  Lyon  dollars.-  The  value  of 
the  former  Avas  equal  in  ]N'ew  York  to  coin  in  Lon- 
don, an  ounce  of  Spanish  pieces-of-eight  being 
worth  but  sixpence  more  than  a  paper  bill  of  eight 
shillings,  and  an  ounce  of  Spanish  silver  in  London 
being  generally  worth  three  or  four  pence  sterling 
more  than  the  coin. 

Many  of  the  bills  in  circulation,  and  particularly 

1  Col.  Docs.,  V.  701. 

2  Col.  Docs.,  V,  G8G. 


22  Ea1!Ia-  Pai'eu  C-i  iikkncv. 

those  of  the  smallei-  cleiioiuiiiation  became  hi  time 
so  defaced  and  toi'ii  as  to  he  illegible  and  ahiiost 
■worthless.  On  Jour  separate  occasions^  therefore, 
new  issues  anmuntini;' to  c€l'.>,000  were  made  and 
lodged  in  the  state  treasury  to  be  exchanged  for 
hills  of  this  description.  The  i)rcandjle  of  the  act 
of  17-0  cites,  that  the  service  of  signing  these  re- 
issues was  to  he  gratidtous^.  These  bills  are  distin- 
guished from  the  others  hy  an  oval  hlank  at  the 
top,  in  whieli  the  date  of  the  original  hill  is  writ- 
ten. 

For  the  space  of  ten  years  (1724  to  1734)  no  new 
hills  of  credit  were  created  excepting  those  last 
described.  In  the  spring  of  1734  the  governor 
recommended  several  measures  for  putting  the 
colony  in  a  hetter  state  of  defence.  The  position 
of  attairs  in  Europe  indicated  a  rupture  between 
England  and  France.  "With  a  view  to  these  contin- 
gencies he  urged  tlie  erection  of  proper  fortifications 
on  the  frontiers,  and  in  the  harbor  of  Xew  York. 

His  suggestions  met  the  approval  of  the  legis- 
lature, and  after  a  long  preamble  citing  the  various 
causes  which  had  heretofore  called  for  the  issue  of 
paper  money,  and  assuring  the  puhhc  that  the 
credit  of  the  colony  was  still  uninipaired,  that  tlie 

1  July  24,  1734,  £3,000;  Nov.  11,  1727,  £:),000;  Oct.  17,  17:]0. 
£3,000  ;  Oct.  25,  17;39,  £10,000. 

*  Au  allowance  of  £8  was  usually  ukuIc  for  iuiml)criuL;-  and 
signing  the  bills. 


Early  Paper  Currency.  23 

campaign  in  Canada  could  not  have  been  carried 
on  without  the  help  of  a  paper  credit,  and  that  it 
wouhl  be  impracticable  to  fortity  the  colony  unless 
the  same  expedient  was  made  use  of,  it  was  enacted^ 
that  bills  of  credit  to  the  value  of  X12,000  should 
l)e  printed  and  lodged  in  the  treasury. 

This  measure  much  gratified  his  excellency  who 
hoped  by  the  patronage  it  carried,  to  weaken  the 
opposition  which  was  then  existing.  The  standing 
instruction  from  the  king  required  however,  as  has 
l)een  already  stated,  a  clause  in  every  bill,  suspend- 
ing its  operations  until  his  majesty's  approval  could 
be  known.  In  order  that  none  of  the  governor's 
aims  should  be  thwarted,  his  friends  in  the  council 
induced  the  liouse  to  appoint  a  committee  to  meet 
them  and  prepare  an  address  requesting  him  on 
account  of  urgent  necessity  to  pass  the  bill.  It 
was  immediately  prepared,  and  on  the  next  day 
presented  and  passed,  but  not  Avithout  opposition. 

The  bills  issued  by  this  act,  were  to  be  current 
for  twenty-two  years,  and  to  be  canceled  by  a  duty 
on  tonnage  or  goods,  and  a  tax  on  slaves. 

Trade  had  for  some  time  been  on  the  decline. 
Merchants  having  the  means,  chose  rather  to  make 
loans  at  eight  per  cent,  which  was  considered  an 
excessive  rate,  than  to  engage  in  commerce.  Be- 
sides, imports  were  considerably  taxed,  being  charg- 
ed with  almost  the  whole  support  of  government. 

1  Nov.  28,  1734. 


24  Eakly  Paper  Cuiuiexcy. 

The  merc'liants  suggested  a  tax  on  lands,  but  the 
nicnibers  iVom  the  country  being  in  the  majority, 
prevented  the  adoption  of  such  a  plan.  There  Avas 
a  disposition  to  increase  the  currency  by  a  new 
emission  of  paper  money,  but  the  great  poverty  of 
the  province  and  its  inability  to  bear  fnrther  taxa- 
tion was  given  as  the  excuse.  The  ()})position  Avas 
made  in  reality  by  the  moneyed  interest,  for  it  was 
generally  understood  that  it  was  postponed  to  cre- 
ate a  loan  at  a  lower  rate  of  interest  than  money 
commanded.^ 

The  spring  session  of  1737  found  the  province  in- 
volved largely  in  debt  which  had  arisen  from  an  in- 
sufficiency of  former  revenues.  Amounts  Avere 
due  the  late  governor,  the  chief  justices  and  other 
officers,  for  salaries,  to  the  amount  of  about  £11,000. 
The  lieut.  goveruor,  wlio  was  then  acting,  urged 
the  immediate  attention  of  the  house  to  the  mat- 
ter, intimating  that  unless  aid  was  provided,  the 
people  would  have  an  opporl unity  of  electing  new 
representatives.  After  waiting  about  a  mouth  Kor 
their  favorable  action  and  no  relief  tencU'red,  he  sum- 
moned them  to  his  council  chamber,  and  in  a  short 
s[»ee('li  dissolved  them. 

The  new  assembly  had  a  spring  session  of  only 
a  few  days.     At  its  reopening  in  the  fall,  the  lieut. 

'Tlif  prcsfiit  Iciral  rjilc  of  interest  (7  jier  ccnl)  was  estaltlished 
liv  law  in  IToH.  Il  was  jM'oposed  in  Uic  assenil>ly,  to  make  it  (> 
per  cent,  Itiit  I  lie  council  altered  it  to  7. 


Early  Paper  Currency.  25 

governor  again  commended  an  honorable  revenue 
for  the  support  of  the  government.  This  session, 
which  was  a  long  one,  resulted  in  the  passage  on  its 
last  day,^  of  an  act  emitting  bills  of  credit  to  the 
amount  of  £48,350,  which  was  a  consequence  un- 
answerable to  the  late  election.  Still,  the  assem- 
bly wishing  to  place  itself  as  not  countenancing 
prodigality,  assured  his  excellency  that  he  was  not 
to  expect  that  they  either  would  raise  sums  unfit  to 
be  raised,  oriiutwhat  thc3'  should  raise  in  the  pow- 
er of  the  governor  to  misapply  if  the}-  could  pre- 
vent it ;  nor  would  they  make  up  any  other  deficien- 
cy than  they  should  conceive  fit  and  just  to  be 
paid,  or  continue  what  support  or  revenue  they 
should  raise  for  any  longer  time  than  one  year. 
Much  to  the  annoyance  of  the  governor,  they  did 
not  omit  to  act  up  to  their  determination,  and  the 
system  tlius  inaugurated  was  continued  by  subse- 
quent assemblies,  although  every  argument  was 
employed  to  induce  a  return  to  the  former  custom 
of  granting  supplies  for  five  years. 

This  law  was  difierent  from  any  of  the  preceding 
in  several  important  particulars.  As  it  contemplat- 
ed an  increase  of  the  circulating  medium,  which  had 
become  quite  reduced,^  tlie  currency  of  the  neigh- 
boring colonies  having  become  the  chief  medium  of 

1  Dec.  IG,  1737.     The  act  was  known  as  the  "Loan  Bill." 

2  Small  change  was  so  scarce  that  coppers  were  imported  from 
England  as  a  profitable  speculation.— CoZ.  Docs.,  vi,  117. 

4 


L'(i  IvMiLY  Paper  Currexcy. 

trade,  the  sum  ()rX40,000  was  reserved  as  a  loan,  to 
be  disti-ibiited  among  the  several  counties  in  the 
following  [)roportions : 

New  Vnrk £.0,030         Kiti.iis £2,400 

Suffollv- o.OOO         l{icliiiiiiii(l.    ...       l.()30 

Dutchess. 2,003         Omn-o,     2.003 

Albany,      5,003  Ulster 4.000 

Queens 0,003  Westchester...      4.000 

the  interest  of  wliich  was  annually  applied  to  the 
sup[)ort  of  government.  The  office  of  "loan  com- 
missioner" was  created,  and  the  commissioners  were 
required  to  loan  the  amounts  thus  apportioned  on  the 
security  of  mortgage  on  real  estate,  at  an  annual 
interest  of  live  per  cent,  for  the  term  (^f  twelve 
3^ears,  in  sums  not  to  exceed  .£100,  nor  less  than 
£25.  They  were  also  authorized  to  loan  sums  for 
one  year,  on  the  security  of  good  plate  at  six  shil- 
lings per  ounce.  At  the  expiration  of  the  time 
allowed  foi-  the  cii'culation  of  these  bills,  tliey  were 
to  be  returned  to  the  treasurer,  and  canceled.  The 
sum  of  £8,^550,  ai)propriated  for  the  payment  of 
o-overnment  debts,  was  to  l)e  sunk  in  [»art  by  certain 
taxes  due  from  several  counties,  and  tlie  balance 
from  interest  accruing  on  the  £40,000  loan.' 

The  currency  of  tlie  l/dls  emitted  in  1714  and  1717. 
iimountiug  to  £44,287  was  now  soon  about  to  exi)ire. 

'  Till'  liills  (if  it:!  I  oft  he  (Iniominalion  of  10  and  T)  sliilUn2;s,  and 
of  17;')?  <>r  the  ilciuniiinalion  of  40 shillings,  were  couutcrleitcd  ill 
livlaiiil. 


Early  Paper  CurrexXcy. 


27 


About  one  half  of  the  amount  was   atill  in   circu- 
lation.    Gov.  Clark,  well  aware  that  the  assembly 
would  attempt  to  extend  the  term,  as  well  as  the 
excise  act,  for  a  sufficient  number  of  years  to  allow 
of  the  extinction  of  the  bills,   endenvored  to  force 
the  house  to  abrogate  tlie  system  of  yearly  supplies 
for  the  support  of  government,  asweil  as  the  special 
application  of  the  funds.     He  perceived  the  neces- 
sity the  assembly  would  be  put  to,  and  repeatedly 
assured  the  lords  of  ti-ade  that  he  ^vould  on  no  con- 
sideration yield  until  he  had  "brought  them  to  their 
senses."     He  intimated  to  the  legislature,  therefore, 
that  he  would  pass  no  l)ill   allowing  such  an  exten- 
sion, unless  a  supply  for  at  least  live  years  was  grant- 
ed ;  whereupon  the  house  resolved   not  to  pass'even 
thQ  arniaal  supply  bill,  without  assurances  that  the 
paper  money  of  the  dates  above  mentioi^ed,  and  the 
exciec  bills,  should  be    continued  for  some  years. 
Clauses  were  attached  to  the  supply  bill  to  this  effect, 
and  a  committee  appointed  to  inform  the  governor 
of  their  action.     The  next  day  he  summoned  the  as- 
sembly, and  reviewing  their  action,  informed  them 
that  they  had  taken  such  "presumptuous,   daring 
and  unprecedented  steps,"  that  he  could  not  look 
upon   them  without  astonishment,   nor  with  honor 
sutfer  them  to  sit  any  longer. 

Writs  for  a  new  election  were  issued  returnable 
on  the  2Tth  of  March  1739.  Scarcely  a  week  elapsed 
from   the  opening   of  the   session  before  the  bill 


28  Early  Paper  Cuiiiiencv. 

Avliicli  had  occasioned  the  kite  rupture  was  intro- 
(hiced,  considered  soon  after,  and  passed.  Appre- 
hending that  it  might  not  receive  the  governor's 
approval,  the  assembly  passed  a  resolution  to  sup- 
port the  credit  of  the  paper  emissions  of  the  colony? 
and  especially  those  of  1714  and  1717,  declaring  at 
the  same  time,  that  they  did  not  doubt  but  that  future 
assemblies  would  do  the  same.  The  lieut.  gov- 
ernor, highly  indignant,  at  once  prorogued  this 
body  also  with  the  following  speech: 

"Gentlemen: — I  come  to  put  an  end  to  this 
session,  and  to  give  you  a  short  recess.  I  was 
in  hopes,  and  I  believe  every  reasonable  man  ex- 
pected that  at  this  juncture  you  would  seriously 
have  laid  to  heart  the  true  interests  of  your  coun- 
try by  showing  your  duty  and  loyalty  to  his  majes- 
ty in  supporting  his  govei'iun'Mit  in  an  honorable 
manner."' 

The  prorogation  was  for  one  week.  The  day 
following  their  reassembling,  the  bill  entitled  '^An 
act  further  to  continue  the  duty  of  excise  and  the 
currency  of  the  bills  of  credit  emitted  thereon,"  was 
read  a  second  time  (having  been  introduced  and 
read  on  the  previous  day)  and  committed  to  a  com- 
mittee with  instructions  to  add  clauses  for  the 
emission  of  new  bills  of  credit  to  l)e  exchanged 
for  those  which  had  become  torn  and  defaced.  It 
went  rapidly  through  the  two  houses,  and  on  the 


Early  Paper  Currency.  29 

25tli  of  October,  1730,'  received  the  lieiit.  gover- 
nor's assent,  witli  this  brief  message  :  —  ''I  am  come 
to  give  my  assent  to  the  bills  that  are  ready  for  it, 
as  the  highest  instance  I  can  give  of  my  care  foi'  the 
credit  and  welfare  of  the  colony,  and  the  confidence 
I  have  in  your  honor." 

The  reverse  in  the  governor's  determination 
was  induced  by  several  circumstances.  He  was  con- 
vinced that  the  country  was  quite  unanimous  in  ap- 
proving the  course  of  the  assendily,  and  that  a  new 
election  would  only  result,  as  it  had  already,  in  the 
return  of  men  not  otherwise  minded  than  their 
predecessors.  Again,  there  were  appearances  of  a 
rupture  between  England,  France  and  Spain,  and 
he  wished  to  avail  himself  of  the  assembly's  present 
sitting,  to  place  the  province  in  a  proper  state  of  de- 
fence; and  finally,  because  the  assembly  had  be- 
come still  more  resolute  in  their  intentions,  from  a 
recent  example  in  the  province  of  N'ew  Jersey, 
where  the  governor  had  given  his  consent  to  a  rev- 
enue bill  wdiereby  the  money  was  all  specially  ap- 
plied.- To  these  reasons  should  be  added,  personal 
necessities,  the  usual  supplies  having  been  so  long 

1  The  bills  emitted  by  this  act  have  been  alreadj'  alluded  to  — 
see  p.  22. 

'^In  former  acts  no  applications  had  been  made  of  the  funds, 
except  for  the  salaries  of  treasurer  and  members  of  assembly :  — 
the  remainder  being  generally  appropriated  "for  the  support  of  his 
majesty's  government." 


^^  Early  Paper  Currency. 

Avithlicld  that  tlie  governor  had  even  sold  some  of 
his  estates  to  enable  him  to  support  the  govcrn- 
meut.i  He  apologized  to  the  lords  of  trade  for 
his  unexpected  action,  on  the  ground  of  the  prece- 
dent set  in  New  Jersey,  but  asked  their  favorable 
allowance  of  the  bills  on  account  of  the  feeling  ex- 
isting in  the  province,  assuring  them  that  he  had 
thereby  secured  a  greater  state  of  quiet  than  had 
been  known  for  forty  years  before. 

On  the  representations  of  London,  Livcrjiool  and 
Bristol  merchants,  in  dune,  1789,2  a  series  of  resolu- 
tions were  introduced  in  parliament,  praying  Ids 
majesty  that  an  account  might  be  prepared  of  the 
rate  at  which  gold  and  silver  coins  Avere  taken  and 
paid  in  any  of  the  British  colonies  in  America:  also 
of  the  amount  of  paper  bills  issued  in  any  of  said 
colonies  since  the  year  1700,  the  provisions  made 
for  sinking  them,  and  the  amount  canceled:  to 
which  resolutions,  the  commissioners  of  trade  and 
plantations  responded,^  laving  before  parliament 
returns  quice  full,  which  had  been  received  in  an- 
swer to  inquiries,  from  eleven  of  the  colonies. 

The  proceedings  excited  the  attention  of  most  of 
the  provinces,  and  their  agents  in  London  were  in- 
structed to  petition  the  house  of  commons   for  a 

^Col.  Docs.,  VI,  IGO. 

*  House  of  Common's  Jouruals. 

» March  28,  1740. 


Early  Paper  Currency.  31 

hearing  in  the  matters  referred  to,  and  to  use  tlieir 
best  endeavors  to  procure  the  postponement  of  any 
unfavorable  bill.  Tlie  subject  was  temporarily  dis- 
posed of  by  declaring  that  the  instructions  of  his  ma- 
jesty, and  the  laws  of  parliament,  regarding  the  rates 
of  foreign  coins  in  the  plantations  had  not  been 
observed.  The  instruction  was  renewed  not  to  allow 
any  bill  to  pass,  whereby  bills  of  credit  might  be 
issued  in  lieu  of  money,  without  a  clause  inserted 
declaring  that  the  act  should  not  take  effect  until 
approved  b}-  the  king. 

It  has  been  already  noticed  that  these  instructions 
were  not  strictly  enforced  in  the  colony  of  jSTew  York, 
and  the  same  was  probably  true  in  respect  to  other 
colonies  ;accordingly  in  1744  the  complaint  was 
renewed  that  large  emissions  of  bills  of  credit  had 
been  made,  notwitlistanding  the  "instructions," 
and  that  more  were  intended.  Whereupon  leave 
was  granted  to  bring  in  a  bill  to  prevent  the  issuing 
of  paper  bills  of  credit  in  the  British  colonies  and 
plantations  in  Ameiica,  to  be  legal  tenders  in  pay- 
ments of  money,  which  bill  having  had  its  tirst 
reading  was  indefinitely  postponed. 

'No  public  measures  were  taken  in  the  general 
assembly  of  ISTew  York  to  controvert  these  proceed- 
ings in  parliament,. but  her  interests  were  neverthe- 
less well  cared  for.  It  had  been  rumored  in  the 
assembly  before  the  conclusion  of  the  fall  session  of 
1745,  that  such  a  measure  was  before  the  house  of 


•?,2  Eauly  Paper  Currency. 

ooniiiioiis.  The  cPL'dit  ofoiir  bills  was  quite  uniin- 
pairctlaiid  it  was  not  conjectured  that  any  objections 
could  be  urged  against  them  in  parliament.  Xo  copy 
of  the  bill  under  consideration  had  been  seen  liere, 
and  it  was  not  until  after  the  adjournment  when  one 
was  borrowed  from  a  neighboring  colony,  that  the 
last  clauses  which  were  especially  offensive,  were 
fully  comprehended.  Indignation  was  at  once  arous- 
ed in  every  mind,  for  to  use  the  words  of  the  com- 
mittee, "If  all  the  [tarts  of  the  legislature  in  every 
colony  and  plantation  should  be  obliged  and  enjoy ned 
(as  by  the  said  clauses  are  directed)  to  pay  strict 
obedience  to  such  orders  and  instructions  as  should 
from  time  to  time  be  transmitted  to  tliem  or  any  of 
them  by  his  majesty  or  his  successors,  or  by  or  under 
his  or  their  authority,  it  would  establish  such  au 
absolute  power  in  the  crown,  in  all  the  British  plan- 
tations, as  would  lie  inconsistent  with  the  lilierties 
and  privileges  inherent  in  a  Englishman  whilst  he 
is  in  a  British  dominion." 

Without  delay  a  meeting  of  several  mcmljers  of 
the  t-ouncil  and  merchants  resident  in  Xew  York 
was  calletl,  and  it  was  determined  not  to  allow  such 
measures  to  gothrongh  parliament  without  at  least 
a  protest.  Funds  were  advanced  to  employ  a  solicit- 
or and  counsel  in  London  to  oppose  the  l»ill  before 
the  committee  of  the  house  of  commons.  The 
general  assembly  at  its  next  session  fully  recog- 
nized these  jiroceedings,   officially  acknowledging 


Early  Paper  Currenct.  33 

the  services  of  the  agents,  and  refunded  the  amounts 
advanced  for  their  services. 

To  defray  the  expense  of  carrying  on  the  war 
against  the  French  and  Indians,  in  conjunction 
with  the  Eastern  colonies,  a  law  was  passed  in  1746 
(May  3)  to  raise  a  supply  of  £13,000  by  a  tax  on 
estates  real  and  personal,  and  to  emit  bills  of  credit 
for  the  like  sum.  The  amount  was  to  be  canceled 
in  three  years  by  an  annual  tax,  in  the  proportion 
indicated  in  tlie  following  table: 

New  York £1,444     8s.  Ud. 

Albauy, G22     3s.     9i(l 

Kings, 254  18s.     Oid. 

Queens, 487     9s.     b^d. 

Suffolk 433     6s.     8d. 

llichmond, 131     6s.     S^d. 

Westchester,...       240  14s.     S^. 

Ulster, 393  18s.     9^./. 

Orange, 144     8s    Wid. 

Dutcliess 180  lis.  Uid. 

A  new  issue  was  soon  after  made,  and  for  the 
same  purpose.  The  colony's  funds  had  been  antici- 
pated and  exhausted,  and  a  heavy  tax  remained  un- 
paid. To  use  the  language  of  the  assembly,  "it 
was  constrained,  but  with  the  greatest  regret,"  to 
make  a  further  issue  at  this  time. 

A  scheme  for  the  conquest  of  Canada  was  again 
brought  forward.     Orders  had  been  sent  over  by  the 
British  government  directing  the  colonies  to  raise 
5 


34  Eatily  Paper  Currency. 

as  many  volunteers  as  the  time  would  permit,  to  join 
the  regular  forces  from  England.  Tlie  governor 
recommended  that  the  most  ample  provision  should 
be  made  and  in  the  most  speedy  manner.  The  as- 
sembly perceiving  that  the  movement  was  popular 
with  the  people,  seconded  most  enthusiastically  the 
demand  for  men  and  means.  "Willing  rather  to 
exceed  than  to  fall  short  in  supplies  on  this  important 
occasion"  they  promptly  enacted,^  that  the  sum  of 
£40,000  should  be  raised  by  an  annual  tax  of  £5,000 
on  real  and  personal  estate,  and  that  to  answer  the 
immediate  payment  of  the  sums  required,  bills  of 
credit  to  the  full  amount  should  be  issued.  This 
amount  proving  insufficient,  the  following  year,^ 
anotiier  act  was  passed,  creating  £28,000  to  be  paid 
by  a  yearly  tax  of  ^£8,500.-^ 

Circumstances  growing  out  of  the  control  and  dis- 
bursement of  these  funds,  occasioned  controversies 
to  which  in  point  of  bitterness,  modern  political  war- 
fare affords  no  parallel.  The  assembly  assumed  the 
right  of  judging  of  the  necessities  of  the  colony,  and 
moreover  took  advantage  of  the  demands  and  actual 
necessities  of  the  government  to  secure  for  their  own 
friends  positions  of  power  and  intiuence.     Governor 

'  July  15, 1746. 

2  Nov.  25,  1747. 

sBountios  were  raised  for  volunteers,  anil  the  exportation  of 
provisions  suspended.  Tlie  neighboring  Indians  also  were  incited 
to  aid  in  the  enterprise. 


Early  Paper  Currency.  85 

Clinton,  anxious  to  curry  out  the  wishes  of  his  gov- 
ernment, was  conipellecl  to  make  concessions,  and 
expLanations  of  the  manner  in  which  funds  and  pro- 
visions previously  granted  had  been  applied.  The 
bill  was  passed,  but  the  distribution  of  the  means  for 
carrying  on  the  expedition  was  intrusted  to  commis- 
sioners. 

The  governor,  on  the  advice  of  the  council, 
assented  to  the  act  notwithstanding  the  opposing 
"instructions,"  because  the  extraordinary  occasion 
seemed  to  require  it,  and  then  dissolved  the  general 
assembly.  In  his  letter  to  the  lords  of  trade  of  this 
date,  he  recounts  his  grievances,  and  deprecates  the 
growing  power  of  the  assend)ly,  and  suggests  as  a 
remedy  the  repeal  of  the  acts  issuing  bills  of  credit 
and  reissuing  these  bills  under  such  conditions  as  his 
majesty  should  think  proper. 

This  disagreement  between  the  governor  and 
general  assembly  continued  for  several  years.  The 
former  attempted  a  restoration  of  the  appropriation 
of  supplies  for  the  government  for  five  years  as  in 
the  times  of  Hunter,  Burnet,  &c.,  which  was  success- 
fully resisted  by  the  latter,  as  were  efforts  to  rein- 
vest thegovernorwith  certain  privileges  nowclaimed 
by  the  assembly.  On  a  subsequent  occasion  the 
treasurer  refused  to  furnish  the  governor  with  a 
statement  of  the  accounts  of  the  colony  or  of  the 
bills  of  credit,  in  order  to  enable  him  to  respond  to 
a  demand  from  the  crown. 


;U!  Early  rAPEii  Currency, 

Between  the  years  1748  and  llij2  tlierc  was  peace 
between  France  and  England.  The  long  contests 
for  possessions  in  America  had  resulted  partiallv 
favorable  to  the  latter.  Vast  amounts  of  money 
had  been  expended  by  the  colonies  for  the  honor 
of  the  crown.  New  York  alone  had  contributed  up 
to  this  time  more  than  .£81,000  without  demand- 
ing or  receiving  any  reimbursement,'  as  had 
been  the  case  in  some  of  the  other  colonies.  The 
amount  which  she  had  issued  since  the  com- 
mencement of  the  bills  of  credit  system,  although 
quite  large,  had  not  yet  brought  about  the  dis- 
astrous consequences  which  had  befallen  some  of 
the  neighboring  provinces  where  proper  }»rccau- 
tions  for  canceling  had  not  been  taken.  The 
emissions  and  reemissions  in  Massachusetts  alone 
from  1702  to  1740  amounted  to  £1, 442,500,  and 
at  the  latter  date  X230,000  were  still  outstanding. 
Its  depreciation  was  alarming.  In  1700  the  colonial 
pound  was  worth  $2.90  of  Massachusetts  money; 
in  1727,  $1.48;  in  1734,  91  cents;  in  17o8,  78 cents, 
was  finally  reduced  to  lo  of  a  pound  sterling.-  In 
respect  to  the  colonies  in  general,  the  following 
table  exhibits  the  rate  of  exchange  for  £100  sterling 
at  two  different  periods. 

'Two  small  grants  Avcrc  subscqueutly  made  by  the  British  pai- 
liamcut. 

^Emx  rn.'<f.  llixl.  Coll.  1,  12H. 


Early  Paper  Currency. 

1740.  1748. 

New  England, £525 £1,100, 


37 


New  York, IGO, 

New  Jersey, 160, 

Pennsylvania,  170, 

Maryland,   200, 

North  Carolina,  1,400, 

South  Carolina, 800, 

Virginia 


190, 

180,  ct  190, 
180, 
200, 
1,000, 
750, 
120,  &  125. 


The  result  of  uusafe  and  extravagant  issues  in  the 
eastern  provinces  was  the  passage  of  an  act  by  par- 
liament in  1751,  regulating  and  restraining  paper 
bills  of  credit  in  Rhode  Island,  Connecticut,  Massa- 
chusetts and  ]^ew  Hampshire,  and  preventing  the 
same  from  being  a  legal  tender.  The  enactment 
forbade  the  use  of  such  money  except  for  yearly  gov- 
ernment expenses,  and  in  case  of  invasion,  and  not 
at  all  as  a  legal  tender  for  debts.  Any  governor 
who  should  sanction  a  law  having  a  dift'erent  signi- 
fication should  be  deprived  of  his  office,  and  ever 
after  be  ineligible  to  public  employment. 

The  interim  of  peiice  between  England  and 
France  afibrded  an  opportunity  for  maturing  new 
projects  for  conquest  in  America.  France  having 
no  frontier  coast,  set  about  consummating  a  plan  to 
possess  the  St.  Lawrence  and  the  Mississippi,  and 
to  establish  aline  of  forts  through  the  interior  of  the 
country.      These  operations  were  looked  upon  as 


^  Goutili  on  Baukiua'. 


38  Early  Paper  Currency. 

eucroachmoiits,  and  on  the  complaint  of  the  Ohio 
company,  whose  province  had  been  trespassed  upon, 
Governor  Dinwiddie,  of  Virginia,  called  for  desiat- 
ance.  An  unsatisfactory  return  having  been  receiv- 
ed, a  regiment  was  immediately  raised  and  inarched 
to  the  disputed  territory. 

Towards  defraying  the  expense  of  this  expedition 
N"ew  York  advanced  £5,000.  The  French  were 
not  unsuccessful  and  war  Was  considered  again 
commenced. 

Three  operations  Avere  decided  upon  :  the  lirst, 
an  attack  on  Fort  du  Quesne,  the  second  on  Fort 
I^iagara,  and  the  third  on  Crown  Point.  The  gov- 
ernor requested  means  to  build  another  fort  on  the 
Hudson,  and  additional  fortifications  on  the  fron- 
tiers. But  under  the  provisions  of  the  late  act  of 
parliament  any  new  issue  of  paper  money  was  for- 
bidden. Taxation  was  already  oppressive,  and  a 
strong  feeling  existed  against  any  fui'ther  burden  of 
tliis  nature.  These  circumstances,  said  the  gener- 
al assembly,  "render  it  impracticable  for  us  to  raise 
such  further  sums  as  a[)pear  necessary,  in  any  other 
manner  than  by  paper  emission.  But  to  emit  bills 
of  credit  without  making  them  a  lawful  tender  we 
are  confident  will  be  absolutely  useless,  and  without 
effect,  for  we  are  fully  persuaded  that  no  man  in 
the  province  will  be  willing  to  accept  that  for  mon- 
ey which  he  knows  that  another  may  refuse  to  re- 
ceive as  money  from  him,  and  if  a  law  even  under 


Early  Paper  Currency.  39 

this  restriction  must  have  its  execution  suspended 
till  liis  majesty's  pleasure  can  be  known,  this  his 
majesty's  loyal  colony  may  fall  a  prey  to  some  am- 
bitious, avaricious  enemy  before  any  return  can  be 
made."  In  answer  to  which  objections  the  gover- 
nor recommended  the  legisLature  to  pass  a  law 
with  the  suspending  clause,  "  the  bills  to  be  declared 
not  a  legal  tender  for  debts  contracted  in  Great 
Britain."  The  house  refused  to  adopt  his  sugges- 
tion, and  an  adjournment  was  made.  In  the  mean- 
time advices  were  received  from  England,  a  procla- 
mation for  reassembling  was  issued,  and  soon  after 
hearing  and  considering  the  governor's  speech  a 
bill  was  introduced  and  subsequently  passed,^  rais- 
ing by  tax  £45,000,  issuing  for  immediate  use 
bills  of  credit  for  the  like  amount.  They  were  put 
on  the  same  footing  as  other  bills  of  the  province, 
and  their  currency  continued  until  I^ov.,  1761. 

The  disastrous  campaign  of  1755-56  now  opened. 
As  a  preliminary.  Forts  Beausijour  and  Gaspareau 
in  Nova  Scotia,  were  taken  by  some  eastern  troops, 
thus  subduing  the  French  in  that  province,  but  a 
succession  of  defeats  followed,  which  more  firmly 
established  the  French  domination  in  America. 
The  expedition  against  Fort  du  Quesne  was  a  fail- 
ure. Fort  Edward  was  lost,  as  were  Forts  Granby 
and  "William  Henry.      Forts  George  and  Oswego 

'  Feb.  19,  755. 


40  Early  Paper  Currency. 

were  taken  and  demolished.  The  only  defeat  of 
the  opposing  forces  was  tliat  at  Lake  George.  The 
plan  for  connecting  the  northern  and  southern  pos- 
sessions by  a  line  of  forts  succeeded,  and  the 
French  now  held  undisturbed  possession  of  all  the 
country  west  of  the  Alleghany  nionuntains. 

In  prosecuting  this  campaign  heavy  drafts  were 
made  on  the  resources  of  New  York.  Paper  money 
enactments  followed  each  other  in  rapid  succession. 
Besides  the  amount  authorized  on  the  19th  of 
February,  ten  thousand  pounds  were  issued  May  3d, 
eight  thousand  pounds  Sept.  11th,  ten  thousand 
pounds  April  1,1756,  and  fifty-two  thousand  pounds 
additional  at  the  same  date.  This  addition  of  £125, 
000  to  the  debt  of  the  province  in  two  years,  affect- 
ed materially  the  character  of  the  currency,  and 
created  some  alarm  in  the  general  assembly.  Un- 
able to  cancel  the  bills  as  they  became  due,  they 
were  repeatedly  extended.  A  committee  of  the 
the  house  was  instructed  to  bring  in  bills  "for  es- 
tablishing a  stamp  office  on  vellum  parchment  and 
paper  which  should  be  charged  with  duty,"  and 
anotlier  "  for  laying  an  excise  on  all  teas  of  foreign 
gi-owth  which  should  be  sold  by  retail  in  the  col- 
ony."    Both  measures  were  adopted. 

The  losses  and  disappointments  of  the  last  cam- 
l>aign  greatly  discomforted  the  crown  and  parlia- 
ment of  Great  Britain,  and  their  pride  and  courage 
arose  in  i)i()portion.     Mr.  Pitt  had  just  l)ecn  placed 


Early  Paper  Currency.  41 

at  the  head  of  a  new  ministry,  and  his  active  spirit 
invigorated  all  with  whom  he  became  engaged. 
In  a  circuhar  to  the  colonial  governors  he  informed 
them  of  his  majesty's  determination  to  send  a  large 
force  to  America  to  operate  against  the  French, 
and  called  npon  them  to  raise  as  large  a  force  as 
possible. 

However  much  the  provinces  may  have  been  dis- 
heartened and  borne  down  by  previous  misfortunes, 
their  sympathies  seemed  at  once  engaged.  To  the 
call  the  general  assembly  of  New  York  responded 
as  follows:  "With  the  utmost  satisfaction  we  re- 
ceive his  majesty's  directions  for  making  an  irrup- 
tion into  Canada,  and  we  cannot  entertain  the  least 
doubt  that  every  colony  on  the  continent  will  most 
heartily  cooperate  with,  and  second  his  majesty's 
intentions  by  a  vigorous  exertion  of  their  utmost 
streno-th."  They  agreed  without  hesitation  to  make 
effectual  provision  for  levying,  clothing,  and  paying 
such  a  body  of  troops  as  the  number  of  inhabitants 
would  allow\  The  plan  was  to  raise  20,000  provin- 
cials, the  king  furnishing  arms,  ammunition,  tents, 
and  provisions.  The  number  apportioned  to  Kew 
York  was  2680  men,  for  tlie  clothing  and  paying  o+' 
whom  £100,000  were  emitted'  in  paper  money,  to 
be  canceled  by  a  nine  years'  tax. 

The  struggle  then  began,  and  its  results  are  mat- 
ters of  well  known  history.     Success  attended  it 

1  March  24, 1758. 

6 


42  Early  Paper  Currency. 

through.  It  commenced  by  taking  from  theTrench, 
Louisbourg,  then  Fort  Frontenac  and  soon  after  Fort 
du  Qnesnc.  Fort  Stanwix  Avas  built,  and  Ticonde- 
roo-a  taken.  The  French  were  again  defeated  at 
Niagara,  the  fort  taken,  and  finally  Quebec  fell. 

Further  appropriations  were  called  for  as  the  war 
advanced.  A  second  issue  of  ^100,000  of  bills  was 
made  in  1759,^  to  be  cancelled  with  the  last,  and  in 
the  same  year^  the  sum  of  £150,000  was,  at  the  re- 
quest of  Gen.  Amherst,  advanced  to  the  British 
contractor's  agent  in  America  for  supplyingthe  army, 
for  the  immediate  payment  of  which,  paper  money 
was  emitted,  on  the  credit  of  sets  of  bills  of  exchange 
drawn  at  60  days,  for  375,000  Spanish  milled  dollars. 
In  1700  nhe  sum  of  £60,000  in  farther  payment  of  the 
expenses  of  the  2680  men  was  added  to  the  amount 
already  issued,  making  a  total  of  £410,000. 

The  amount  of  paper  money  in  circulation  had 
become  large.  In  some  of  the  colonies,  and  indeed 
in  New  York,  the  provisions  for  canceling  as  the 
bills  matured,  were  not  always  adequate.  It  was 
ascertained  upon  an  examination  by  a  committee  of 
the  general  assembly,  that  above  £600  which  should 
have  been  redeemed,  were  still  in  circulation.  In 
some  ofthe  neighboring  provinces  such  neglect  was 
so  serious  as  to  constitute  one  ofthe  chief  causes  of 

1  Marc'li  7tl\. 
■^  July  3d. 
3  March  22. 


Early  Paper  Currency.  43 

depreciation,  and  was  likewise  the  occasion  of  fre- 
quent and  urgent  complaint  by  British  creditors. 
The  agent  of  ISTew  York  informed  the  general  as- 
sembly that  upon  the  complaints  of  divers  merchants 
trading  in  Virginia,  the  lords  commissioners  of  trade 
and  plantations  seemed  determined  to  adopt  the 
plan  of  the  act  passed  during  the  reign  of  the  late 
king,  for  regulating  and  restraining  the  paper  curren- 
cies of  l^ew  England,  and  to  propose  that  the  same 
should  be  extended  over  all  the  other  colonies  of 
N'orth  America.  Despite  our  remonstrances  against 
such  a  proceeding,  parliament  passed"  an  act  to  pre- 
vent paper  bills  of  credit  hereafter  to  be  issued  in 
any  ofhis  majesty's  colonies  or  plantations  in  Amer- 
ica from  being  declared  to  be  a  legal  tender  in  pay- 
ment of  money,  and  to  prevent  the  legal  tender  of 
such  bills  as  are  now  existing  from  being  prolonged 
beyond  the  periods  limited  for  calling  in  and  sink- 
ing the  same.  " 

The  Kew  York  assembly,  through  their  agents  in 
England  and  Governor  Moore,  applied  to  the  crown 
to  have  these  restrictions  removed,  because  the  bills 
then  in  circulation  would  be  sunk  in  1768,  and  the 
country  left  without  any  medium  for  commerce, 
there  being  but  little  silver,  on  account  of  the  inter- 
ruptions of  the  Spanish  trade.  Governor  Moore  wrote 
also  to  the  lords  of  plantations  requesting  instructions 
as  to  how  far  he  might  be  authorized  to  give  relief 
to  the  people  in  this  case,  so  as  to  put  them  upon  a 


4-4  Early  Paper  Currency. 

footing  with  the  ueigliboring  colonies  where  the  cir- 
culation of  the  paper  credit  was  extended  to  more 
distant  periods.  The  hatter  recommended  that  the 
governor  be  released  from  the  restriction  of  not 
assenting  to  any  law  for  issuing  paper  bills  of  credit 
whatever;  that  if  found  necessary  a  further  sum  of 
X250,000  might  be  issued  under  proper  regulations 
and  restrictions,  but  they  refused  to  remove  the  re- 
strictions of  the  legal  tender,  as  that  could  not  be 
done  without  the  interposition  of  parliament. 

The  only  currency  that  had  up  to  this  date  been 
made  a  legal  tender  in  the  province  of  New  York, 
consisted  of  Lyon  dollars,  and  the  paper  bills  of 
credit.^  The  former  at  this  date  (1768)  were  rarely 
seen,  and  the  currency  of  the  bills  already  issued 
would  expire,  as  above  stated,  in  the  fall  of  1768, 
after  which  time  therefore  there  would  be  no  legal 
tender.  To  relieve  this  serious  dilliculty,  the  gene- 
ral assembly  passed  an  act  making  gold  and  silver 
coin  a  legal  tender,  fixing  no  value  other  than  that 
for  which  they  passed  current  in  the  common  course 
of  business;  but  as  this  would  conflict  with  an  act 
passed  in  the  6th  of  Anne,  in  regard  to  the  value  of 
dilferent  species  of  money,  the  governor  refused 
his  assent.  Debtors  became  exposed  to  the  malice 
of  their  creditors,  and  a  clamor  soon  arose  which 
induced  the  assembly,  notwithstanding  the  recent 

iTlie  bills  of  the  ncii-hboriug  colonies  were  never  made  a  legal 
tender  in  New  York. 


Early  Paper  Currency.  45 

act  of  pavliament,  to  pass  a  law  emitting  paper 
money  to  the  amount  of  .£120,000.  It  was  similar 
to  the  preceding,  except  in  one  or  two  particulars. 
First,  it  was  not  to  take  eflect  until  after  the  1st  of 
Nov.,  1769,  which  would  afford  an  opportunity  to 
submit  it  for  royal  approval.  Secondly,  the  inter- 
est of  live  per  cent  was  to  be  paid  on  the  whole 
capital  for  the  first  four  years,  and  in  the  fifth  year 
one  tenth  part  of  the  capital  to  be  sunk,  and  con- 
tinued in  the. same  proportion  every  succeeding 
year.  To  this  act,  on  the  petition  of  the  assembly 
and  council,  the  governor  gave  his  assent;  first,  be- 
cause the  money  could  not  be  disposed  of  without 
the  concurrence  of  the  governor  and  council,  and 
secondly  because  it  had  the  effect  of  establishing  a 
revenue  for  a  number  of  years,  an  approach  to  a 
luxury  which  had  not  been  recently  enjoyed,  and  it 
was  thought  best  not  to  despise  it.  The  royal  ap- 
probation was,  on  the  same  grounds,  strongly  urged 
in  its  behalf.  There  was  some  delay  in  responding 
to  the  communication  of  Governor  Moore,  and  in 
the  meantime  Lt.  Governor  Golden  succeeded  to 
his  office.  He  urged  an  approval  of  the  measure  which 
the  assembly  seemed  to  '-have  much  at  heart,"  stat- 
ing that  unless  it  was  granted  it  would  be  diflicult 
to  make  tbem  continue  the  provision  for  the  sol- 
diers quartered  in  the  province,  after  Massachusetts 
and  South  Carolina  had  both  absolutely  refused  to 
do  it.     Having  waited  more  than  a  year  for  the  as- 


46  Early  Paper  Currency. 

sent  of  the  king,  a  new  bill  was  introduced  and 
passed,  similar  in  its  provisions  witli  the  last  icith- 
out  the  suspending  clause,  hut  providing  that  the 
bills  should  not  be  issued  before  the  first  of  June 
following.  There  was  a  disposition  to  avoid  all 
legislation  of  a  public  nature  until  the  governor 
should  give  his  assent  to  this  bill,  which  he  accord- 
ingly did,  and  for  which  he  was  afterwards  severely 
reproved.  The  committee  of  the  privy  council, 
to  whom  both  bills  had  been  referred,  reported  un- 
flivorably,  and  they  were  finally  rejected  on  account 
of  their  inconsistency  with  the  late  act  of  parlia- 
ment relating  to  legal  tenders.  An  intimation  was 
at  the  same  time  held  out  that  parliament  would 
probably  pass  a  law  enabling  the  legislature  of 
New  York  to  carry  into  execution  the  law  for  which 
they  seemed  so  desirous.  Such  an  act  was  passed 
the  same  year.^ 

In  the  fall  of  1770  the  £120,000  bill  was  again  in- 
troduced, amended,  and  passed  on  the  IHlli  of  Feb- 
ruary following.^  The  money  was  loaned  among  the 
several  counties  for  14  years,  at  five  per  cent. 

»An  act  to  enable  the  governor  and  council  and  assembly  of 
his  majesty's  colony  of  New  York  to  pass  an  act  of  assembly 
for  creatins:  and  issuing  upon  loan,  paper  bills  of  credit  to  ascer- 
tain amount,  and  lo  make  (he  same  a  legal  tender  in  iiayment  into 
the  loan  offices  and  treasurer  of  the  said  colony. 

*These  bills  were  extensively  counterfeited,  so  tliat  a  law  was 
passed  in  1773  substituting  new  bills.  The  matter  of  devising 
suitable  devices  &c.,  was  referred  to  a  committee.    In  the  assembly 


Early  Paper  Currency.  47 

The  general  assembly  continued  its  sittings  until 
April  3cl,  1775,  when  the  country  was  in  a  state  of 
revolution.  The'provincial  congress  of  ISTew  York 
which  succeeded  the  general  assembly,  arose  out  of 
a  recommendation  of  the  continental  congress  for 
each  colony  to  organize  a  government  for  itself. 
It  assembled  on  the  20th  of  April,  1775,  and  con- 
tinued its  session  until  January,  1778.  It  admin- 
istered the  government  of  ^N'ew  York  during  that 
period,  and  its  resolutions  and  orders  constituted 
our  laws.  In  conducting  the  great  struggle  of  the 
revolution,  it  experienced  in  common  with  other 
provinces  and  the  continental  congress  the  exceed- 
ing difficulty  of  procuring  money  for  the  subsist- 
ence of  a  suffering  army.^  Early  in  its  session  a 
committee  was  appointed  to  take  into  consideration 
the  expediency  of  emitting  a  paper  currency,  which 
committee  immediately  prepared  and  presented 
(May  30,  1775)  an  elaborate  report. 

The  conclusions  formed  were,  that  there  was  a 
smaller  amount  of  gold  and  silver  in  this  colony 
than  in  several  others,  and  that  it  would  be  imposssi- 

the  following  was  proposed:  "  an  eye  in  a  cloud,  — a  cart  and 
coffins,  —  three  felons  on  a  gallows,—  a  weeping  father  and  moth- 
er with  several  children,  —  a  burning  pit,  human  figures  forced  in- 
to it  by  fiends,  and  a  label  with  these  words— Let  the  name  of 
the  money  maker  rot."  The  penalty  of  the  law  —  capital  punish- 
ment —was  in  several  cases  carried  out.  See  papers  of  that  date. 
1  During  the  Revolution  our  revenue  officers  were  in  the  hands 
of  the  British. 


48  Early  Paper  Currency. 

blc  to  collect  a  sufficient  sum  without  issuing  a  paper 
currency  of  some  sort.  Three  modes  were  proposed 
by  wliichit  could  be  issued.  First:  that  every  colo- 
ny should  strike  for  itself  the  sum  apportioned  or  to 
be  apportioned  by  the  continental  congress. 

Second :  that  the  continental  congress  should 
strike  the  whole  sum  necessary  and  each  colony  be- 
come bound  to  sink  its  proportionate  part. 

Third  :  that  the  continental  congress  should  strike 
the  whole  sum  and  apportionate  the  several  shares 
to  the  dilferent  colonics,  every  colony  becoming 
bound  to  discharge  its  own  particular  part,  and  all 
the  colonies  to  discharge  the  part  which  any  par- 
ticular colony  sliould  be  unable  to  pay. 

The  first  proposition  was  disapproved  of  because 
the  money  issued  would  not  have  a  general  credit; 
the  second  Avas  objectionable  because  default  might 
be  made  by  some  of  the  colonies  in  sinking  the 
amount  assigned  to  it.  The  third  was  conceded  to 
have  the  advantage  of  a  higher  and  more  general 
credit  than  either  of  the  former,  and  the  convention 
on  the  recommendation  of  their  committee  adopted  it, 
and  instructedour  delegatesin  congress  accordingly. 
The  i»lan  was  not  adopted  by  the  continental  con- 
gress, and  the  provincial  congress  resorted  to  an  is- 
sue of  X45,000  on  the  2d  of  Sept.,  1775.  Other  issues 
followed  increasing  the  amount  to  X300,000.^ 

•May  r>,  177(),  £55,000;  Aug.  30th,  ITTO,  £200,000.  In  1799  an 
act  was  ]Kiss('(l  cancclinc;  all  bills  issued  by  this  congress  of  the 
(Iciioiiiinalidii  ol'  one  dollar  and  under. 


Early  Paper  Currency.  4'J 

Concerning  the  precise  objects  for  wliicli  these 
sums  were  appropriated  it  is  not  necessary  to  make 
an  account.  The  country-  was  flooded  with  the 
emissions  made  by  the  several  colonies  and  by  the 
continental  congress,  and  the  evils  produced  were 
incalculably  great.  The  country  was  unable  to  re- 
deem its  currency  and  the  depreciation  Avas  ruin- 
ous. The  whole  amount  issued  in  New  York  from 
1709  to  the  last  issue  in  1786  was  not  large,  and  the 
special  and  repeated  methods  of  taxation  adopted 
for  its  extinction  were  as  successfully  carried  out  as 
the  resources  of  the  country  would  allow. 

In  1781  an  act  was  passed  establishing  the  rate 
of  depreciation  of  continental  bills  of  credit,  in  the 
settlement  of  accounts.^ 

After  the  adoption  of  our  state  constitution  in 
1777,  only  two  laws  were  passed  making  bills  of 
credit;  one  in  1781,-  for  $411,250  to  pay  the  propor- 
tion called  for  by  congress  towards  the  expenses  of 
the  war,  and  the  other  in  1786,^  for  ^200,000  to  be 
loaned  at  5  per  cent,  for  the  purpose  of  increasing 
the  currency. 

I  Sec  table  at  the  end  of  tlii^  work. 
march  27. 
3  April  18th. 


50  Early  Paper  Currency. 

The  bills  of  the  provincial  congress  as  well  as  the 
continental  bills  were  made  a  legal  tender,^  but  in 
1781  an  act  was  passed,  repealing  all  laws  making 
bills  of  credit  a  legal  tender,  and  four  years  later, 
all  sucli  bills  in  the  state  treasury  were  destroyed. 

1  Made  so  in  1780  at  the  rate  of  Ss.  to  the  dollar.  The  money 
of  account  of  the  U.S.,  that  is  to  say,  the  dollar,  dime,  cent,  mill, 
was  adopted  in  New  York  by  an  act  passed  Jan.  27, 1797,  by  pro- 
viding that  a  dollar  should  be  4-10  of  a  pound,  a  dime  1-lOth, 
&c.,  &c. 


V  A  T  A  L  O  G  U  E 


BILLS  OF  CREDIT  ISSUED  BY  NEW  YORK 


1709    TO    1789; 

WITH  A  DESCRIPTION  OF  THE  BILLS,  THE  DATES, 
DENOMINATIONS  AND  SIGNEES. 


BILLS  OF  CREDIT. 


1709.— June  8. 

Amount,  £5,000. 

Form:  This  indented  Bill  of Shillings  due 

from  the  Colony  ofI*^ew  York  to  the  Possessor  there- 
of, shall  be,  in  Value  equal  to  Money ;  and  shall  be 
accordingly  accepted  by  the  Treasurer  of  this  Colony, 
for  the  time  being,  in  all  publick  payments  ;  and  for 
any  Fund  at  any  Time,  in  the  Treasury.  Dated,  New 
York,  Thirty-first  of  May,  One  Thousand  Seven 
Hundred  and  jSTine ;  by  Order  of  Lieutenant-Govern- 
or, Council,  and  General  Assembly,  of  the  said 
Colony. 

Signed  by  Lawrence  Reade,  Robert  Walters,  John 

Depeyster,  and  Robert  Lurting,  or  any  three  of  them. 

Description  :  Lulented  at  the  top,  —  dated,  —  the 

arms  of  the  city  of  New  York  on  the  left  side, 

towards  the  bottom. 

Number  and  division  of  the  bills: 
400  bills,  each  of  £b. 
600  do.  40  shillings. 

600  do.  20       do. 

1,000  do.  10       do. 

2,<S00  do.  5       do. 


54  Early  Papeu  Cukkencv. 

CiuTeney  limited  to  May  31,  1711. 
Coniiiiissioncrs    for  canceling,    the  signers  and 
treasurer. 

Numljer  canceled  not  known. 

1709. — Kovember  1. 

Amount,  £4,000  or  14,545  Lyon  dollars. 

Form:  This  indented  Bill  of Shillings,  due 

from  the  Colony  of  Xew  York  to  the  Possessor  there- 
of, shall  be  in  Value  equal  to  Money,  and  shall  be 
Accepted  accordingly  by  the  Treasurer  of  this 
Colony  for  the  time  being,  in  all  Publick  Payments, 
and  for  any  fund  at  any  time  in  the  Treasury. 
Dated,  New  York  the  First  of  November,  1709,  by 
order  of  the  Lieutenant  Governor,  Council,  and 
General  Assembly  of  the  said  Colony. 

Signed  by  liobert  Walters,  John  De  Peyster, 
Robert  Lurting,  and  Johannes  Jansen,  or  any 
three  of  them. 

Description:  The  same  as  of  June  8. 

Number  and  division  of  the  bills: 
400  bills,  each  of  £5. 
400  do.  505. 

800  do.  25c^. 

Currency  limited  to  Nov.  30,  1712. 

Commissioners  for  canceling,  the  signers  and 
treasurer. 

1701,>. — Novembrr  12. 

Amount,  i:4,000  or  14,545  Lyon  dollars. 


Early  Paper  .Currency.  55 

Form:  This  indoiitea  Bill  of Ounces  of  Plate, 

or Lyon  dollars,  due  from  the  Colony  of  'New 

York  to  the  Possessor  thereof,  sliall  be,  in  value, 
equal  to  Money;  and  shall  be  accepted  accordingly, 
by  the  Treasurer  of  this  Colony  for  the  Time  being, 
in  all  publick  Payments;  and  for  any  Fund,  at  any 
Time,  in  the  Treasury.  Dated  in  N'evv  York,  the  first 
Day  of  November,  One  Thousand  Seven  Hundred 
and  N"ine,  by  order  of  the  Lieutenant  Governor, 
Council  and  General  Assembly  of  the  said  Colony. 

Signed  by  Robert  Walters,  Robert  Lurting,  Johan- 
nes Depeyster,  and  Johannes  Jansen,  or  any  three  of 
them. 

Description  :  The  same  as  of  June  8. 

N'umber  and  division  of  the  bills : 

300  bills,  each  of  20  Lyon  dollars. 
300  do.  16    '       do. 

300  do.  8  do. 

337  do.  4  do. 

Currency  limited  to  Feb.  28,  1713. 

Commissioners  for  canceling,  the  signers  and 
treasurer. 

1711.—  July  26. 

Amount,   £10,000. 

Form:  This  indented  Bill  of Coyned  Plate, 

due  from  the  Colony  of  New  Y^ork,  to  the  Possessor 
thereof,  shall  be  in  Value  equal  to  money,  and  shall 
be  accepted  accordingly,   by  the  Treasurer  of  this 


;")<j  EaULY    r.APEll    ClRHENCV. 

Colony,  for  tlic  time  beiiio-,  in  all  piiblick  payments, 
and  for  any  fund  in  the  Treasury.  Dated  in  Xcw 
York  the  20th  Day  of  July,  1711,  by  order  of  the 
Governor,  Council  and  General  Assembly  of  the 
said  Colony. 

Signed  by  Robert  Walters,  Robei-tLurting,  Jolm 
Depeyster. 

Description  :  Dated,  and  indented  at  the  top,  the 
arms  of  the  city  of  :Nrew  York  on  the  right  hand 
side  towards  the  bottom. 

JSTumber  and  division  of  the  Inlls  : 

500  l)il]s,  each  of  20  ounces  of  plate. 
oOO  do.       10  do. 

],000  do.         5  do. 

500  do.         21  do. 

1,000  do.         i  do. 

1,000  do.         1  do. 

1,000  do.  i  do. 

1,000  do.  J  do. 

Currency  continued  to  1724. 
Commissioner  for  canceling,  the  treasurer. 

1714. — September  4. 

Amount,    £27,080. 

Form:    'I'his    incK'utod  Bill  of Ounces  of 

labile  or due  from  tlie  (^llony  of  N'ew  York, 

to  the  l^ossessor  thereof,  sliall  be  in  Value  equal  to 
Money,  and  shall  be  acce])trd  accordino-Jv,  bv  the 


Early  Paper  Currency.  57 

Treasurer  of  this  Colon^^  for  the  Time  being,  in  all 
pnblick  Payments,  and  for  any  Fund  at  anytime  in 
the  Treasury.  Dated  in  New  York,  the  first  day 
of  July  One  Thousand  Seven  Hundred  and  Four- 
teen, by  Order  of  the  Governor,  Council  and  Gene- 
ral Assembl3\ 

Signed  by  Robert  AYalters,  Robert  Lurting,  David 
Provoost,  and  John  Cruger,  or  any  three  of  them. 

Description :  Impressed  on  the  left  side,  about 
the  middle  of  the  side,  the  arms  of  the  city  of 
New  York ;  the  quantity  of  plate  and  the  value  of 
the  same  printed  at  the  top. 

Number  and  division  of  the  bills  : 
568  bills,  each  of  £10. 


500 

do. 

do. 

7 

105. 

TOO 

do. 

do. 

6. 

720 

do. 

do. 

5. 

1,000 

do. 

do. 

3. 

800 

do. 

do. 

2 

lOs. 

800 

do. 

do. 

1 

10s. 

1,000 

do. 

do. 

1 

55. 

1,200 

do. 

do. 

155. 

1,500 

do. 

do. 

155. 

2,000 

do. 

do. 

6s. 

4,000 

do. 

do. 

35. 

Currency  continued  to  Dec.  31,  1739. 
Commissioners  for  cancelins;,  the  sia-ners. 
Amount  canceled,  £27,406  85.  Od. 


58  Early  Paper  Currency. 

1715._Jaly  5. 

Amount,  £6,000  or  15^000  oz.  of  plate. 
Form:  Same  as  last,  excepting  the  date. 
Signed  by  Robert  "Walters,  John  Cruger,  David 
Provoost,  John  Read,  or  any  three  of  them. 
Description  :  Same  as  last. 
Nmnber  and  division  of  tlio  l)ill,s: 
200  bills,  each  of  £10. 


200 

do. 

.).■ 

200 

do. 

4. 

200 

do. 

2. 

1.000 

<lo. 

20s. 

1,000 

do. 

105. 

1,200 

do. 

i)S. 

Cm'rency  continned  to  July  1,  1724. 
Commissioners  for  canceliiiir.  tlie  signers. 

1717.—  December  23. 

Amount,  £16,607  or  41,517^  oz.  of  plate.       • 

Form:  This  Bill  of ounces Penny- 

Wciglit  of  Plate,  due  from  the  Colony  of  Neu* 
York  to  the  Possessor  thereof,  shall  be  in  Value 
equal  to  Sovil,  Pillar,  or  Mexico  Plate,  and  shall  be 
AccejDted  accordingly  by  the  Treasurer  of  this 
Colony  for  the  time  being,  for  all  Publick  Pay- 
ments, and  for  any  Fund  at  any  time  in  the  Treas- 
ury. Dated  in  ISTcw  York,  the  twenty-eighth  Day 
of  N'ovember,    One  Thousand  Seven  Hundred  ;uid 


Early  Paper  Currency.  50 

Seventeen,  by  Order  of  the  Governor  and  Council 
and  General  Assembly. 

Signed    by  Robert    Walters,    Johannes  Jansen, 
David  Provoost,  John  Cruger,  or  any  three  of  them. 
Description  :  Impressed  in  the  middle  with  the 
arms  of  the  city  of   New  York,  and  at  the  top  of 
each,  the  quantity  of  plate  represented. 
ISfumber  and  division  of  the  bills. 
1,391  bills,  each  of  10  oz.  of  plate. 
1,000  do.  7  "  10  pwt.  do. 

1,000  do.  5  "  do. 

1,000  do.  2  "  10    "     do. 

1,000  do.  2  ''  do. 

1,000  do.  1  "  10    "     do. 

1,000  do.  1  "     5    "     do. 

2,200  do.  1  "  do. 

3,000  do.  15    "     do. 

4,000  do.  10    "     do. 

5,630  do.  5    "     do. 

Currency  limited  to  1740. 
Commissioners  for  canceling,  the  signers. 
Amount  canceled,  £16,351. 

1720.—  November  19. 

Amount,  5000  ounces  of  plate  or  =£2,000. 

Form:  This  indented  Bill  of Pennyweight 

Grains    of  Plate,    due   from   the  Colony  of 

New  York  to  the  Possessor  thereof,  shall  be  in  value 
equal  to  Plate,  and  shall  be  accordingly  accepted 


60  Eauly  Paper  Cuiirencv. 

bytlie  Treasurer  of  this  Colony,  for  the  time  being, 
in  tlie  Treasury,  Dated  in  New  York,  tlie  tenth 
day  of  November,  One  Thousand  Seven  Hundred 
and  twenty  ;  by  order  of  the  Governor,  Council  and 
General  Assembly. 

Signed  by  David  Provoost,  John  Jansen,  Jusboac 
Kip,  Gerardus  Beekman  or  any  three  of  them. 

Description  :  Impressed  on  the  right  side,  about 
the  middle  of  the  side  with  the  arms  of  the  city  of 
New  York. 

Number  and  division  of  the  bills: 

6,001  bills,  each  of  2  pwt.  12  grs.  of  plate. 


4,000 

do. 

3 

"  18 

a 

do. 

4,000 

do. 

6 

-   G 

;( 

do. 

4,000 

do. 

7 

u  22 

a 

do. 

1,714 

do. 

8 

"  18 

a 

do. 

Currency  continued  to  Sept.  1,  173o. 
Commissioner  for  canceling,   the  treasurer. 
Amount  canceled,  i;i,8'JG  Ss.  ijd. 

ir23.— July  G. 

Amount.   £2,140  or  5,350  ounces  of  plate. 

Form:  This  indented  Bill  of Ounces,  and 

Pennyweight  of  Plate,  due  from  the  Colony 

of  New  York  to  the  Possessor  thereof,  shall  be  in 
Value  equal  to  Plate,  and  shall  be  accordingly  ac- 
ce[)ted  by  the  Treasurer  of  this  Colony  for  the  Time 
being,  in  all  ])ublick  Payments,  and  for  an}' Fund  at 
any  time  in  the  Treasury.     Dated  in  New  York,  the 


Early  Paper  Currency.  61 

second  Day  of  July,  One  Thousand  Seven  Hundred 
and  Twcnty-tliree;  by  order  of  the  Governor,  Coun- 
cil and  General  Assembly. 

Signed  by  David  Pro  voost,  Johannes  Jansen,  Jaco- 
bus Kip,  John  Cruger,  Gerardus  Beekman,  or  any 
three  of  them. 

Description  :  Impressed  on  the  middle,  with  the 
arms  of  the  city  of  New  York,  and  on  the  top  of 
each,  the  quanity  of  plate  represented. 

Number  and  division  of  the  bills : 

243  bills,  each  of  11  oz.   5  pwt.  of  plate. 
299  do.  8  "    15  "        do. 

Currency  limited  to  July  1,  1726. 
Commissioners  for  canceling,  the  treasurer  and 
signers. 

Amount  canceled,  £2,122  10s.  Od. 

1724.— July  22. 

Amount,  X3,000. 

Form :  This  indented  Bill,  due  from  the  Colony 
of  iSTew  York,  to  the  Possessor,  shall  pass  current 

in  all  Payments,    for ,  conformable  to  Law 

made  by  the  Governor,  Council  and  Assembly  of  the 
said  Colony,  Dated  the  Twenty-second  Day  of  July, 
One  Thousand  Seven  Hundred  and  Twenty-four. 

Signed  by  David  Provoost,  Johannes  Jansen, 
Jacobus  Kip,  John  Cruger,  Gerardus  Beekman,  or 
any  three  of  them. 


G2  Early  Paper  Currency. 

Description :  Impressed  on  the  right  side  with 
the  arms  of  the  city  of  New  York;  at  the  top,  bot- 
tom and  each  side,  the  vakie  of  each  bill,  an  oval 
blank  at  the  top  with  the  date  of  bill  substituted.' 
Number  and  division  of  the  bills  : 

800  bills,  each  of  12  shillings. 
800         do.  8       " 

1,000         do.  6       " 

2,000         do.  4       " 

2,000         do.  8       "         6  pence. 

2,000         do.  3 

1,800         do.  2       "         6      " 

2,000         do.  2       " 

3,000         do.  1       "         6     " 

4,000         do.  1 

Commissioners  for  canceling,  the  same  as  last. 
Amount  canceled, —  see  next  issue. 

1724.— July  24. 

Amount,  ^£6,630. 

Form:  This  indented  Bill,  due  IVom  the  Colony 
of  New  York,  to  the  Possessor,  shall  pass  in  all  Pay- 
ments for ,  pursuant  to  an  Act  of  the  Gover- 
nor, Council  and  Assembly  of  the  said  Colony. 
Dated  the  Tenth  Day  of  July,  1724. 

Signed  by  David  Provoost,  Johannes  Jansen,  Jaco- 
bus Xip,  John  Cruger,  Gerardus  Bcckman,  or  any 
three  of  them. 

^ This  emission  was  to  replace  torn  and  (Icriucd  hills. 


Early  Paper  Currency.  63 

Description:  Indented;  the  value  of  each  bill 
printed  at  the  top,  bottom  and  each  side,  and  im- 
pressed on  the  left  side  with  the  arms  of  the  city  of 
New  York. 

JS'umbcr  and  division  of  the  bills : 
250  bills,  each  of  .£3  12s. 


380 

do. 

3 

4s. 

800 

do. 

1 

12s. 

1,495 

do. 

14s. 

3,000 

do. 

7s. 

4,000 

do. 

3s. 

9^. 

5,000 

do. 

Is. 

ScL 

Cnrrenc}'  limited  to  Jnly  1,  1729. 

Commissioners  for  canceling",  the  same  as  last. 

Amount  canceled :  of  the  amount  issued  Jul}'  22, 
.£3,000,  and  July  24,  £6,630,  amounting  to  <£9,630, 
the  sum  of  £9,469  16.s'.  6d.  was  canceled. 

1726. —  ISTovember  11. 
Amount,  £3,000. 

Form:  This  Bill  shall  pass  current  in  all  Pay- 
ments for ,  pursuant  to  a  Law  of  the  Colony 

of  J^ew  York,  jSTovember  sixteenth.  One  Thousand 
Seven  Hundred  and  Twenty-six. 

Signed  by  Stephen  De  Laucey,  Frederick  Philipse, 
Anthony  Rutgers,  Robert  Livingston,  jr.,  or  any 
three  of  them. 

Description :  Same  as  those  issued  July  22,  1724. 


(j4  Early  Taper  Currency. 

Number  and  division  of  the  bills: 

<S00  bills,  each  of  12  shiilings. 


800 

do. 

8 

a 

1,000 

do. 

6 

a 

2,000 

do. 

4 

a 

2,000 

do. 

3 

a 

6 

2,000 

do. 

3 

a 

1,800 

do. 

2 

a 

6 

2,000 

do. 

2 

a 

3,000 

do. 

1 

iL 

6 

1,G00 

do. 

1 

it 

3 

2,000 

do. 

1 

u 

6  pence. 


Currency  issued  to  replace  defaced  bills. 
Commissioners  for  canceling-,  the  county  justices 
of  the  peace. 

Amount  canceled,  £2858  18s.  6d. 
Printed  by  William  Bradford. 

1730.— October  17. 
Amount,  .£3,000. 

Form  :  By  a  Law  of  the  Colony  of  'New  York, 

this  Bill  shall  pass,  within  the  same,  for ,  in  all 

Payments,  and  in  the  Treasury,  Dated  October 
XX,  1730. 

Signed  l)y  John  Cruger,  Philip  Yan  Courtlandt, 
Frederick  Philipse,  Henry  Beekman,  or  any  three 
of  them. 

Description  :  same  as  those  issued  July  22,  1724. 


Early  Paper  Currency.  65 

Number  and  division  of  the  bills  : 

4,000  bills,  each  of  2  shilling  6  pence. 

2,000  do  5         " 

2,000  do         10 

1,000  do  20 

Carrency,  issued  to  replace  defaced  bills. 
Commissioners  for  canceling,  the  signers. 
Amount  canceled,  X2,999    10s. 
Printed  by  William  Bradford. 

1734._  November  28. 
Amount,  X12,000. 
Form  :  This  Bill,  by  Law,  shall  pass  current  in  the 

Colony  of  Kew  York,  for ,in  all  Payments,  and 

in  the  Treasury,  New  York,  Fifteenth,  November, 
One  Thousand  Seven  Hundred  and  Thirty  four. 

Signed  by  John  Cruger,  Frederick  Philipse,  Cor- 
nelius Van  Home,  Stephen  Bayard,  or  any  three  of 
them. 

Description :  Impressed  on  the  left  side  with  the 
arms  of  the  city  of  New  York. 
Number  and  division  of  the  bills  : 
300  bills,  each  of  XIO. 
600  do.  5. 

800  do.  3. 

800  do.  2  or  405. 

1,000  do.  1  or  205. 

1,000  do.  105. 

2,000  do.  55. 


6()  Early  Paper  Currency. 

CuiTCiicy  limited  to  March  25,  174G. 
Commissioner  for  canceling,  the  treasurer. 
Amount  canceled,  <£11,57(3  15s. 
Printed  by  William  Bradford. 

1737. —  December  16. 
Amount,  ,£48,350. 

Form :  By  a  Law  of  the  Colony  of  i^ew  York, 

this  Bill  shall  pass  current  for December  10th, 

1737. 

Signed  by  James  Alexander,  Simon  Johnson, 
Peter  Schuyler,  Peter  Jay,  or  au}'^  three  of  tlicrn, 
and  by  the  treasurer  or  loan  officer. 

Description  :  Impressed  on  the  right  hand  side 
with  the  arms  of  the  city  of  iS^ew  York. 

Number  and  division  of  the  bills: 
1,000  bills,  each  of  XIO. 


2,000 

do. 

5. 

3,000 

do. 

3. 

4,000 

do. 

2. 

5,000 

do. 

20  shillings. 

7,700 

do. 

10       " 

.0,000 

do. 

5       " 

Currency  extended  to  3d  Tuesday  in  April,  17G8. 

Canceled  in  the  presence  of  the  justices  and 
supervisors  of  the  counties  where  loaned. 

Amount  canceled,  X43,153  15s. 

Printed  by  John  Peter  Zenger;  engraved  by 
Chs.  Lc  Roux. 


Early  Paper  Currency.  07 

1739.—  October  25. 
Amount,  ^10,000. 

Form  :  Same  as  last,  except  date. 

Signed  by  John  Moore,  William  Roome,  David 
Clarkso'),  Peter  Jay,  or  any  two  of  them  and  the 
treasurer. 

Description :  Impressed  on  the  right  side  with 
the  arms  of  the  city  of  I^ew  York.  The  amount 
of  the  respective  bills  at  the  lower  part  thereof. 

Number  and  division  of  the  bills : 
200  bills,  each  of  XIO. 


400 

do. 

5. 

500 

do. 

3. 

500 

do. 

2. 

1,000 

do.  . 

1  or  20s. 

3,000 

do. 

10s 

4,000 

do. 

56-, 

Currency  limited  to  Nov.  1,  17G7. 
Amount  canceled,  £9,115  6s. 
Printed  by  William  Bradford. 

174G._  May  3. 

Amount,  £13,000. 

Form  :  By  a  Law  of  the  Colony  of  Kew  York, 

this  Bill  shall  pass  current  for New  York,  the 

Tenth  of  May,  One  Thousand  Seven  Hundred  and 
Forty  Six. 

Signed  by  Cornelius  Van  Home,  Paul  Richard, 
Henry  Cruger,  Robert  Livingston,  or  any  three  of 
them. 


68  Early  Paper  Currency. 

Dcscriptioii :  Impressed  on  tlie  lel't  side  with  the 
arms  of  the  city  of  New  York. 
Number  and  division  of  the  bills : 
650  bills,  each  of  XI 0. 
650  do.  5. 

<)50  do.  3. 

650  do.  2. 

Currency  limited  to  the  first  Tuesday  of  January, 
1748. 

Commissioners  for   canceling,  the    signers   and 
treasurer. 

Amount  canceled,  X12,618  125. 
Printed  by  James  Parker. 

1746. —  July  15. 

Amount,  X40,000. 
Form :  Same  as  the  last,  except  the  date  July  21. 
Signed  by  Cornelius  Van  Home,   Paul  Richard, 
Abraham  Lynsen,  Isaac  DePeyster,  or  any  three  of 
them. 

Description :  Impressed  on  the  right  hand  side, 
with  the  arms  of  the  city  of  New  York,  and  under 
the  Arms  "Its  Death  to  counterfeit  this  Bill." 
Number  and  division  of  the  bills  : 
1,861  bills,  each  of  XIO. 
1,860  do.  5. 

1,860  do.  3. 

1,860  do.  2. 

1,860  do.  1. 

1,860  do.  10  shillings. 


Early  Paper  Currency.  69 

Currency  limited  to  the  first  Tuesday  of  January, 
1756. 

Commissioners  for  canceling,  the  signers  and 
treasurer. 

Amount  canceled,    X38,772  IO5, 

Printed  by  James  Parker. 

1747. —  K^ovember  25. 
Amount,  £28,000. 

Form :  Same  as  the  last,  except  date. 

Signed  by  Cornelius  Van  Home,  Paul  Richard, 
Abraham  Lynsen,  Isaac  DePeyster,  or  any  three  of 
them. 

Description  :  Impressed  on  the  left  hand  side  Avith 
the  arms  of  the  city  of  ^ew  York,  and  underneath 
"Its  death  to  counterfeit  this  Bill." 

JN'umber  and  division  of  the  bills  : 

1,200  bills,  each  of  <£10. 

1,250  do.  5. 

1,250  do.  3. 

1,250  do.  2. 

3,500  do.  20  shillings. 

Currency  limited  to  l^ov.  25,  1756. 
Commissioners  for  canceling,  David  Jones,  Cor- 
nelius Van  Home,  Paul  Richard,  and  Henry  Cruger. 
Amount  canceled,  £27,098. 
Printed  by  James  Parker. 


7U  Early  PArEii  Currency. 

1755.— February  I'J. 
Amount,  X45,000. 
Form  :  Same  as  the  last,  except  date. 
Signed   by  Isaac  DeFeystei-,    Oliver   DeLaucey, 
Nicholas  Gouverneur,  John  Livingston,  or  any  three 
of  them. 

Description:  Same  as  those  of  July  15,  1746.^ 
]S"umber  and  division  of  the  bills: 
2,004  bills,  each  of  £10. 
2,092  do.  5. 

2.092  do.  3. 

2.093  do.  2. 
2,092          do.                 1. 

2,092  do.  10  shillings. 

Currency  limited  to  the  lirst  Tuesday  of  Nov., 

1761. 

Commissioners  for  canccliiii;':  In  the  year  1753, 
the  speaker  of  the  house  of  assembly  and  four 
members  from  New  York,  were  appointed  standing 
commissioners  for  canceling  all  bills  of  the  province, 
as  they  became  due. 

Amount  canceled,  £36,325. 

Printed  by  James  Parker. 

17,55._  May  3. 

Amount,  £10,000. 
Form :  Same  as  the  last,  except  date. 

'Owen  Sullivan  was  executed  iu  1750  ibr  eounlerfciting  paper 
money,  i)rol)aljly  of  this  date. 


Early  Paper  Currency.  71 

Signed  by  Gabriel  Ludlow,  Abraliam  Ljnscii, 
David  Clarkson,  James  DePeyster,  or  any  three  of 
them. 

Description :  Same  as  those  of  ISTov.  25,  1747. 

]Sruml)er  and  division  of  the  bills  : 
200  bills,  each  of  £10. 


200 

do. 

5. 

250 

do. 

4. 

300 

do. 

3. 

1,250 

do. 

2. 

1,100 

do. 

20  shillings. 

2,000 

do. 

10 

2,000 

do. 

5 

Cnrrency  limited  to  the  first  Tuesday  of  JSTovem- 
ber,  1762. 
Amount  canceled,  £7,550  G.s. 
Printed  by  James  Pai'ker. 

1755.— September  11. 
Amount,  £8,000. 
Form:  Same  as  the  last,  except  date.  "^ 

Signed  by  Frederick  Philipse,  Philip  Livingston, 

Beverley  Iloberson,  Leonard  Lispenard  or  any  three 

of  them. 

Description  :  Same  as  those  of  July  15,  1746. 

Number  and  division  of  the  bills  : 
200  bills,  each  of  £10. 
300         do.  5. 


(i: 


Early  Paper  Currency, 


Niimlier  and  division  of  the  bills  (continued): 
300  l)ills,  each  of  <£4. 
300         do.  3. 

300  do.  2. 

1,000         do.  20  sMUiugs 

1,000         do.  10 

1,200         do.  5 

Currency  limited  to  the  lirst  Tuesday  of  Novem- 
ber, 17G1. 

Amount  canceled,  X6,489  2s. 
Printed  by  James  Parker. 

1756.— April  1. 

Amount,  ^10,000. 

Form  :  Same  as  the  last,  except  date. 

Signed  by  Paul  Richard,  Henry  Cruger,  William 
Walton,  John  Watts,  or  any  three  of  them. 

Description  :  Same  as  the  last. 

Number  and  division  of  the  bills  : 
1,000  bills,  each  of  .£10. 

Currency  limited  to  the  tirst  Tuesday  of  Novem- 
ber, 1761. 

Amount  canceled,  X7,6-10. 

Printed  by  James  Parker. 

17o6.— April  1. 

Amount,  X52,000. 
Form :  Same  as  the  last,  except  date. 
Signed   by   Robert  R.  Livingston,  John  Cruger, 


Early  Paper  Currency.  73 

John  VanDerSpiegel,  William    P.  Smith,   or  any 
three  of  them. 

Description  :  Same  as  the  last. 
Mimber  and  division  of  the  bills  : 
2,200  hills,  each  of  £10. 
4,000  do.  5. 

2,000         do.  3. 

1,000  do.  2. 

2,000  do.  1. 

Currency  limited  to  the  first  Tuesday  of  Novem- 
ber, 1766. 

Amount  canceled,  £41,990. 
Printed  by  James  Parker. 

1758.— March  24. 

Amount,  £100,000. 
Form :  Same  as  the  last,  except  date. 
Signed  by  Peter  VanBrugh  Livingston,  David 
Clarkson,  David  Van  Home,  Henry  Cuyler,  Jr.,  or 
any  three  of  them. 

Description  :  Same  as  the  last. 
N^umber  and  division  of  the  bills  : 
8,000  bills,  each  of  £10. 
4,000         do.  5. 

Currency  limited  to  the  first  Tuesday  of  Novem- 
ber, 1768. 

Amount  canceled,  £66,155. 
Printed  by  James  Parker. 
10 


74  Early  Paper  Currency. 

1759.— March  7. 

Amount,  X100,000. 

Form :  Same  as  the  last,  except  date. 
Signed  by  Nathaniel  Marston,  John  Morin  Scott, 
Lawrence  Reade,  Andrew  Barclay,  or  any  three  of 
them. 

Description :  Same  as  the  last. 
Number  and  division  of  the  bills : 
5,000  bills,   each  of  XIO. 
6,000         do.  5. 

10,000         do.  2. 

Currency,  same  as  the  last. 
Amount  canceled,  £71,876. 
Printed  by  William  "Weyman. 

1760.— March  22. 

Amount,  £60,000. 

Form  :  Same  as  the  last,  except  date. 
Signed  by  John  Bogert,  Jr.,  Robert  G.  Livings- 
ton,   Elias   DesBrosses,   John  Van  Ilorne,  or  any 
three  of  them. 

Description:  Same  as  the  last. 
Number  and  division  of  the  bills  : 
2,500  bills,  each  of  £10. 
3,000         do.  5. 

10,000         do.  2. 

Currency,  same  as  the  last. 
Amount  canceled,  £41,  070. 
Printed  by  William  Weyman. 


Early  Papeu  Currency.  75 

1770.— Jan.  5. 

Amount,  £120,000. 

Act  repealed  by  the  king,  February  14,  1770. 

1771. — February  16. 
Amount,  £120,000. 
Form  :  By  a  Law  of  the  Colony  of  Kew  York, 
this  Bill   shall  be  received  in  all  Payments  in  the 

Treasury  for ,  New   York,  the day    of 

one  thousand,   seven  hundred  and  seventy- 
nine. 

Signed  by  Henry  Holland,  AValter  Franklin, 
Theophylact  Bache,  Samuel  Verplauck,  or  any 
three  of  them. 

Description:  Impressed   with   the   arms  of   the 
city  of  New  York,  on  the  right  hand  side.^ 
Number  and  division  of  the  bills: 
5,000  bills,  each  of  £10. 
6,000  do.  5. 

6,000  do.  3. 

5,000         do.  2. 

6,000  do.  1. 

8,000  do.  10s. 

8,000         do.  55. 

Amount  canceled,  not  known. 
Printed  by  Hugh  Gaine. 

iThese  bills  were  largely  counterfeited.  An  act  was  passed  in 
1773,  directing  the  signers  to  cause  new  plates  to  be  prepared  and 
44,000  impressions  struck  off  on  thin  paper  and  pasted  over  on 
the  reverse  side  of  the  bills  first  emitted. 


7G  Early  Paper  Currency. 

IT 75. —  September  2. 

Amount,  £45,000  or  $112,500. 
Form:  This  bill  shall  pass  cuiTcnt  in  all  pay- 
ments in  this  Colony  for Spanish  milled  dol- 
lars, or  the  value  thereof  in  gold  or  silver,  according 
to  the  resolution  of  the  Provincial  Congress  of 
New  York,  the  second  day  of  September,  1775. 

Signed  by  Eobert  Pvay,  John  Sebring,  Evert 
Bancker,  John  Reade,  John  Broome,  Jeremiah 
Brewer,  Eleazer  Miller,  Thomas  Tucker,  AYilliam 
Denning,  Abraham  Brinckerhoffi,  Garrit  Abeel, 
Abraham  Livingston,  Anthony  L.  Bleecker,  Wil- 
liam Mercey,  or  any  three ^  of  them. 

Description:  Imi)ressed  with  the  arms  of  the  city 
and  such  other  devices  as  the  committee  shall  direct.^ 
ISTumber  and  division  of  the  bills  : 
5,000  $10  bills. 

5,000  5    do. 

5,000  a    do. 

5,000  2    do. 

10,000  1    do. 

5,000  50  cent  do. 

Currency  limited  ^  to  March  1, 1776  ;  ^  to  J^Iarch 
1,  1777. 

»  Aftenvards  reduced  to  two. 

» Counterfeited  in  "Westchester  county. 


Eakly  Paper  Currency.  77 

The  amount  canceled   of  tliis   and  the  two  suc- 
ceeding issues,  was  Xlo3,-i77  lis.  8d. 
Printed  by  J.  Holt. 

1776.— August  13. 

Amount,  200,000  or  $500,000. 

Form  :  This  bill  shall  pass  current  in  all  pay- 
ments in  this  State  for Spanish  milled  dollars, 

or  the  value  thereof  in  gold  or  silver,  according  to 
the  resolution  of  the  Convention  of  j^ew  York,  on 
the  13th  day  of  August,  1776.  Excepting  those  of  the 
denomination  of  i,  i,  or  ^\  of  a  dollar,  which  were 
in  the  form  following: 

This  bill  shall  pass  current  in  all  payments  in  this 
State  for  Two  shillings  (or  one  shilling  or  sixpence), 
being  equal  to  (i  or  ^\)  of  a  Spanish  milled  dollar 
or  the  value  thereof  in  gold  or  silver,  according  to 
the  resolution  of  the  Convention  of  ]^ew  York,  on 
x\\Q  13th  day  of  August,  1776. 

Signers  not  named. 

Description  :  Same  as  last,  with  the  addition  "tis 
death  to  counterfeit." 

I^umber  and  division  of  the  bills : 

20,000  $10  bills. 

20,000  5  do. 

20,000  3  do. 

20,000  2  do. 


105,867 

i 

105,867 

JL 

3 

105,868 

I'g 

6,000 

1 

y 

E: 

mission  of  the  last  session 

Pi 

I'intecl  by  S.  Loudon. 

78  Eaulv  r.M'Eu  Cliu;j;ncy. 

Number  and  division  of  the  bills  (continued): 
105,866  I  dollar  bill. 

do. 
do. 
do. 
do.  for  an  extra. 


1776.— March  5. 

Amount,  X55,000  or  $137,500. 

Form  :  Same  as  the  last,  except  the  date. 

Excepting :  Those  of  the  denomination  of  f,  -J,  -|-, 
J,  ^  of  a  dollar,  which  were  in  the  form  following: 

This  bill  shall  pass  current  in  all  payments  in  this 
Colony  for  five  shillings  and  four  pence  (or  two  shil- 
lings and  eight  pence,  or  two  shillings,  or  one  shil- 
ling and  four  pence,  or  one  shilling),  being  equal  to 
one-third  (or  \  or  J  or  \)  of  a  Spanish  milled  dol- 
lar, or  the  value  thereof  in  gold  or  silver,  according 
to  the  resolution  of  the  Provincial  Congress  of  IS^ew 
York,  on  the  5th  day  of  ]\Iarch  1776. 

Signers  not  named. 

Device,  as  the  committee  should  direct. 

Number  and  division  of  the  bills : 
2,350  $10  bills. 

2,350  5    do. 

2,350  3    do. 

2,350  2    do. 


Early  Paper  Currency.  79 

JSTumber  and  division  of  tlie  bills  (continued) : 

30,000  1  dollar  bills. 

30,000  f  do. 

30,000  I  do. 

30,000  J  do. 

30,000  i  do. 

30,000  ^  do. 

24,000  J  do. 

Currency  limited  i  to  Marcli  1, 1779;   i  to  March 
1,  1780  ;  1  to  March  1,  1781. 
Printed  by  S.  Loudon. 

1781.— March  27. 

Amount,  $411,250. 

Form:  The  Possessor  of  this  Bill  shall  be  paid 

.Spanish  milled  Dollars  by  the  thirty-iirst  day 

of  December,  One  Thousand  Seven  Hundred  and 
Eighty  Six,  with  interest  from  the  ]  5th  day  of  June 
1780,  in  like  Money,  at  the  rate  of  five  per  cent  per 
Annum,  by  the  State  of  IS'ew  York ;  and  the  first 
Payment  of  Interest  to  be  on  the  15th  day  of  June, 
1782,  according  to  an  Act  of  the  Legislature  of  the 
said  State,  of  the Day  of 1781. 

Signed  by 

Amount  canceled,  $397,000. 

1786.— April  18. 

Amount,  £200,000. 
Form:  By  a  Law  of  the  State  of  ISTew  York,  this 


80  Early  Paper  Currency. 

Bill  shall  be    received  iu   all   Payments   into   the 

Treasuiy  for Xew  York,  the day  of 

One  Thousand  Seven  Hundred  and  Eighty  six. 

Signed  hy  Evert  Bancker,  Henry  Renisen,  Jona- 
than Lawrence,  John  DePeystcr,  William  Heyer, 
or  any  two  of  them. 

Description:  Impressed  witli  the  arms  of  Xcw 
York  on  the  right  hand  side. 

ISTumher  and  division  of  the  bills  : 

0,000 

4,000 

0,000 

10,000 

10,000 

24,000 

20,000 

48,000 

Currency  limited  to  June,  1800. 
Amount  canceled,  $185,165  10s. 

1788. 

As  the  bills  of  the  issue  of  1786  were  largely 
counterfeited,  the  legislature  in  1788  (Feb.  8)  passed 
an  act  creating  new  bills  to  be  substituted  for  such 
of  them  as  were  still  in  circulation.  They  were 
similar  to  the  last  excepting  the  date,  and  the  ad- 
dition of  the  words,  "tis  death  to  counterfeit." 

Signed  by  Daniel  McCormick,  HendrickWyckoft", 
John  DePeyster,  Nicholas  Hoffman. 


$10  bills. 

5 

do. 

4 

do. 

:} 

do. 

2 

do. 

1 

do. 

10 

shilling  bill 

5 

do.       do 

Early  Paper  Currency. 


81 


RECAPITULATION. 

Date. 

Amount  Issued. 

Amount 

Canceled. 

*. 

s. 

d. 

1709... 

5.000 

0 

0 

Not  Known 

1709... 

4,000 

0 

0 

do. 

1709... 

4,000 

0 

0 

do. 

1711... 

10,000 

0 

0 

do. 

£.              8. 

d. 

1714... 

27,680 

0 

0 

27,406     8 

0 

1715... 

1,200 

0 

0 

1,190     5 

0 

1717... 

16,607 

0 

0 

16,351     0 

0 

1720... 

2,000 

0 

0 

1,896     8 

6 

1723... 

2,140 

0 

0 

2,122  10 

0 

1724... 

3,000 

0 

*^J 

9,469  16 

6 

1724... 

6,630 

0 

Oj 

1726... 

3,000 

0 

0 

2,858  18 

6 

1730... 

3,000 

0 

0 

2.999  10 

9 

1734... 

12,000 

0 

0 

11,576  15 

0 

1737... 

-18,350 

0- 

0 

43,153  15 

0 

1739... 

10,000 

0 

0 

9,115     5 

0 

1746... 

13,000 

0 

0 

12,618  10 

0 

1746... 

40,000 

.0 

0 

38,772  10 

0 

1747... 

28,000 

0 

0 

27,098     0 

0 

1755... 

45,000 

0 

0 

36,325     0 

0 

1755... 

10,000 

0 

0 

7,550     6 

0 

1755... 

8,000 

0 

0 

6,489     2 

0 

1756... 

10,000 

0 

0 

7,640     0 

0 

1756... 

52,000 

0 

0 

41,990     0 

0 

1758... 

100,000 

0 

0 

66,155     0 

0 

1759... 

100,000 

0 

0 

71,876     0 

0 

1760... 

60,000 

0 

0 

41,970     0 

0 

1771... 

120,000 

0 

0 

1775... 

45,000 

0 

^1 

1776... 

55,000 

0 

133,477  17 

8 

1776... 

200,000 

0 

1781... 

$411,250* 

e397,001t 

1786... 

£200,000 

0 

0 

£185,165  10 

0 

Total,.... £1,655,^57     0     0 


*  Or  £104,500. 
t  Or  £158,800. 


11 


LIST    OF    ACTS 
PASSED  BY  THE  LEGISLATURE  OF  NEW  YORK 


RELATING    TO 


PAPER   CURRENCY 


1709     TO     1789. 


LIST    OF    ACTS. 

1709. — June  8  :  An  act  for  the  currency  of  l/ilLs  of 
credit  for  live  thousand  pounds. 

'Nov.  1 :  An  act  for  the  currency  of  bills  of 
credit  for  four  thousand  pounds. 

Nov.  12 :  An  act  for  the  currency  of  bills  of 
credit  for  ten  thousand  ounces  of  plate,  or  four- 
teen thousand  five  hundred  and  forty-five  Lyon 
dollars. 

1710. — Nov.  25 :  An  act  to  retrench  the  growing- 
interest  of  bills  of  credit. 

1711. — Jnly  26  :  An  act  for  the  currency  of  twenty- 
five  thousand  ounces  of  plate. 

1714. —  Sept.  4 :  An  act  for  paying  and  discharging 
the  several  debts  and  sums  of  money  claimed 
as  debts  of  this  colony,  to  the  several  persons 
therein  named,  and  to  make  and  enforce  the 
currency  of  bills  of  credit,  to  the  value  of 
twenty-seven  thousand  six  hundred  and  eighty 
pounds,  for  that  purpose ;  also  to  make  void 
all  claims  and  demands  made,  or  pretended  to 
be  due  from  this  colony,  before  the  first  day  of 
June,  one  thousand  seven  hundred  and  fourteen, 
and  to  prevent  this  colony  from  being  in  debt 
for  the  future. 


86  Early  Paper  Currency. 

1715. —  May  19  :  An  act  explaining  the  act  of  1714, 
July  5  :  An  act  for  a  supply  to  be  granted 
to  lii.s  mtijcsty  for  supporting  his  government 
in  the  province  of  ISTew  York,  ami  for  striking- 
bills  of  credit  for  that  purpose. 

1717. — Dec.  28  :  An  act  for  paying  and  discharging 
several  debts  due  from  this  colony,  to  the  per- 
sons therein  named :  and  for  raising  and  put- 
ting into  the  hands  of  the  treasurer  of  this  col- 
ony,  several  quantities  of  plate,  to  be  applied  to 
the  public  and  necessary  uses  of  this  colony,  and 
to  make  bills  of  credit  to  the  value  of  forty-one 
thousand  five  hundred  and  seventeen  ounces 
and  a  half  of  i)late,  for  that  purpose. 

1720. —  Nov.  I'J  :  An  act  for  continuing  the  cur- 
rency of  bills  of  credit  to  the  value  of  six  thou- 
sand ounces  of  plate  for  and  <lui-ing  the  time 
therein  mentioned. 

Nov.  19 :  An  act  for  a  supply  to  be  granted 
to  his  majesty  for  supporting  his  government  in 
the  province  of  New  York,  during  the  time 
therein  mentioned,  and  for  repealing  an  act  of 
the  general  assembly  of  tins  province,  for  a 
supply  to  be  granted  to  his  majesty  for  support- 
ing his  government  in  the  province  of  New 
York,  from  the  first  day  of  July  which  shall  be 
in  the  year  of  our  Lord,  one  thousand  seven 
hundred  and  twenty,  until  the  first  day  of  July, 
one  thousand  seven  hundred  and  twenty-one. 


Early  Paper  Currency.  87 

1721. — July  27  :  An  act  for  tlie  further  continuing 
the  currency  of  bills  of  credit  to  the  "S'alue  of 
six  thousand  ounces  of  plate,  for  and  during 
the  time  therein  mentioned. 

1722. —  June  22  :  An  act  for  making  more  effectual, 
an  act  entitled,  an  act  for  a  supply  to  be  granted 
to  his  majesty  for  supporting  the  government 
in  the  province  of  ISTew  York  etc.  (passed  ISTov. 
19,  1721.) 

July  7  :  An  act  for  continuing  the  currency 
of  bills  of  credit  to  the  vakie  of  three  thousand 
ounces  of  plate,  till  the  first  da}^  of  July  which 
will  be  in  the  year  of  our  Lord,  one  thousand 
seven  hundred  and  twenty,  to  the  first  day  of 
July,  which  will  be  in  the  year  of  our  Lord, 
one  thousand  seven  hundred  and  twenty-four. 
ISTov,  1 :  An  act  for  raising  the  quantity  of 
three  thousand  ounces  of  plate,  for  the  efl'ectual 
sinking  and  canceling  bills  of  credit  to  that 
value. 

1723. — July  6 :  An  act  of  raising  and  levying  the 
quantity  of  five  thousand  three  hundred  and 
fifty  ounces  of  plate,  for  the  uses  therein  men- 
tioned, and  for  striking  and  making  bills  of 
credit  of  that  value. 

1724. — July  24  :  An  act  for  raising  and  levying  the 
sum  of  six  thousand  six  hundred  and  thirty 
pounds,  for  supplying  the  deficiencies  of  his 


88  Early  Paper  Currency. 

majesty's  revenue,  and  for  the  several  uses  and 
purposes  therein  mentioned,  and  for  making  of 
bills  of  credit  to  be  issued  for  that  value. 

Jul}-  24 :  An  act  for  making  bills  of  credit, 
and  putting  the  same  into  the  treasurer's  hands, 
for  changing  therewith  such  bills  of  credit  of 
this  province  as  are  torn  and  defaced. 

1725. — Xo*^.  10:  An  act  for  continuing  bills  of 
credit  struck  and  issued  in  the  year  one  thou- 
sand seven  hundred  and  twenty,  to  the  value 
of  live  thousand  ounces  of  plate,  to  be  current 
until  the  first  day  of  July,  which  will  be  in  the 
year  one  thousand  seven  hundred  and  twenty- 
seven. 

1726.— June  17  :  An  act  for  the  further  continuing 
the  currency  of  bills  of  credit,  struck  and  issued 
in  the  year  one  thousand  seven  hundred  and 
twenty,  to  the  value  of  five  thousand  ounces  of 
plate,  until  the  first  day  of  July,  one  thousand 
seven  hundred  and  twenty-eight. 

1727. —  Nov.  11 :  An  act  for  striking  bills  of  credit 
to  the  value  of  three  thousand  pounds,  and  put- 
ting them  into  the  treasury,  to  be  exchanged 
for  shattered,  torn  and  defaced  bills  struck  and 
issued  by  virtue  of  the  several  acts  therein 
mentioned. 


Early  Paper  Currency.  89 

1728. —  Aug-.  31:  An  act  to  continue  the  currency 
of  bills  of  credit  struck  and  issued  in  the  year 
one  tliousand  seven  hundred  and  twenty,  to  the 
value  of  five  tliousand  ounces  of  plate  until 
the  first  day  of  July,  one  thousand  seven  hun- 
dred and  twenty-nine. 

1729. — July  12  :  An  act  to  continue  the  act  last 
mentioned  for  one  year. 

1730.— Oct.  17  :  An  act  for  striking  hills  of  credit 
to  the  value  of  three  thousand  pounds,  and  put- 
ting them  into  the  treasury,  to  he  exchanged 
for  shattered,  torn  and  defaced  bills  struck  and 
issued  by  virtue  of  several  former  acts. 

Oct.  17  :  An  act  for  the  further  continuing 
the  currency  of  the  bills  of  credit  struck  and 
issued  in  the  year  one  thousand  seven  hundred 
and  twenty,  to  the  value  of  five  thousand 
ounces  of  plate  during  the  time  therein  men- 
tioned. 

1732.— Oct.  14:  An  act  to  repeal  the  act,  and  to 
cancel  the  bills  of  credit  therein  mentioned, 
and  to  grant  unto  his  majesty  several  duties  for 
supporting  his  government  in  the  colony  of 
]^ew  York,  until  the  first  day  of  September, 
which  will  be  in  the  year  of  our  Lord,  one 
thousand  seven  hundred  and  thirty-seven. 
12 


00  Early  Paper  Currency. 

1734. — Xov.  28  :  An  act  to  strike  and  make  cur- 
rent bills  of  credit  to  the  value  of  twelve  thou- 
sand pounds,  on  the  funds,  and  for  the  uses 
therein  mentioned. 

1735, — ]S"ov.  8:  An  act  to  revive,  enforce  and  con- 
tinue the  currency  of  bills  of  credit  therein 
mentioned  until  the  end  of  the  year  one  thou- 
sand seven  hundred  and  thirty-nine. . 

1737. —  Dec.  lt>:  An  act  for  emitting  bills  of  credit 
for  the  payment  of  the  debts,  and  for  the  better 
support  of  the  government  of  this  colony,  and 
for  other  purposes  therein  mentioned. 

1739. —  Oct.  25:  An  act  further  to  continue  the 
duty  of  excise,  and  the  currency  of  the  bills  of 
credit  emitted  thereon  ;  and  to  strike  some  new- 
bills  for  exchanging  sucli  old  ones  as  nre  or 
may  be  unfit  to  circulate. 

1740. —  Xov.  3:  An  act  to  cancel  the  bills  of  credit 
emitted  in  the  year  1715,  1720,  1723,  1724. 

1743. —  Dec.  17  :  An  act  to  prolong  the  currency  of 
l)ills  of  credit  emitted  by  virtue  of  an  act  enti- 
tled, an  act  for  emitting  bills  of  credit  for  the 
payment  of  the  debts  and  for  the  better  support 
of  the  government  of  this  colony,  and  for  other 
purposes  therein  mentioned. 


Early  Paper  Currency.  91 

Sept.  1 :  An  act  explaining  the  last  men- 
tioned act. 

1746. —  May  3:  An  act  for  raising  a  supply  of  the 
sum  of  thirteen  thousand  pounds,  by  a  tax  on 
estates  real  and  personal,  for  the  more  effectual 
fortifying  this  colony ;  for  the  emitting  bills  of 
credit  for  the  like  sum  for  the  immediate  an- 
swering the  necessary  services,  and  for  sinking 
and  canceling  the  said  bills  at  the  several  short 
periods  therein  mentioned. 

July  15 :  An  act  for  raising  a  supply  of 
forty  thousand  pounds,  by  a  tax  on  estates  real 
and  persoual,  for  carying  on  an  expedition 
against  the  French  in  Canada ;  for  emitting 
bills  of  credit  for  the  like  sum,  and  for  sinking 
and  canceling  the  said  bills  in  short  periods, 
and  for  other  purposes  therein  mentioned. 

1747. —  Nov.  25:  An  act  for  raising  a  supply  of 
twenty-eight  thousand  pounds,  by  a  tax  on  es- 
tates real  and  personal  for  defraying  the  expense 
of  several  services  necessary  for  the  defence  of 
the  frontiers  and  annoyance  of  the  enemy:  for 
emitting  bills  of  credit  for  the  like  sum,  and  for 
sinking  and  canceling  the  said  bills  in  short 
periods. 

1748. —  April  8  :  An  act  for  the  more  effectual  can- 
celing the  bills  of  credit  of  this  colony. 


92  Early  Paper  CuRRE>;cy. 

1750. — ISTov.  24  :  An  act  further  to  prolonji-  the  cur- 
rency of  bills  of  credit  emitted  by  virtue  of  an 
act  entitled,  an  act  for  emitting  l)ills  of  credit 
for  the  payment  of  the  debts,  and  for  the  l)etter 
support  of  the  government  of  this  colony,  and 
for  other  purposes  therein  mentioned. 

1753. — July  4  :  An  act  to  amend  an  act  entitled,  an 
act  for  the  more  effectual  canceling  the  bills 
of  credit  of  this  colony. 

July  4 :  An  act  further  to  continue  the  duty 
of  excise,  and  the  cnrrenc}-  of  bills  of  credit 
emitted  thereon,  for  the  purposes  in  the  former 
act,  and  herein  mentioned. 

1755. — Feb.  19  :  An  act  for  raising  a  supply  of  forty- 
five  thousand  pounds  by  a  tax  on  estates  real 
and  personal,  for  putting  this  colony  into  a 
proper  posture  of  defence,  for  furthering  his 
majesty's  designs  against  his  enemies  in  Xortli 
America,  and  other,  the  purposes  therein  men- 
tioned ;  for  emitting  bills  of  credit  for  the  like 
sum,  and  for  sinking  and  canceling  the  said 
bills  in  short  periods. 

May  3  :  An  act  for  paying  and  subsisting 
eight  complete  companies  of  one  hundred  ef- 
fective men  each,  officers  included,  to  assist  in 
conjunction  with  the  neighboring  colonies  in 
erecting  one  or  more  forts  nigh  Crown  Point, 
within  his  majesty's  dominions  :  for  raising  the 


Early  Paper  Currency.  93 

sum  of  ten  tlioiisand  pounds,  for  and  towards 
the  said  services,  and  for  making  current  bills 
of  credit  to  the  amount  thereof,  and  other  the 
purposes  therein  mentioned. 

Sept.  11 :  An  act  for  raising  the  sum  of  eight 
thousand  pounds,  to  be  contributed  to  the  col- 
ony of  Connecticut,  towards  the  expense  of  a 
reinforcement  of  two  thousand  effective  men, 
now  levying  in  the  said  colony,  for  the  army 
destined  against  Crown  Point  under  Major  Gen- 
eral Johnson  ;  and  for  emitting  bills  of  credit 
to  the  amount  of  the  said  sum  of  eight  thou- 
sand pounds,  for  making  immediate  payment. 

1756. — April  1:  An  act  for  the  payment  of  the 
debts  due  from  this  colony,  and  for  other  pur- 
poses therein  mentioned. 

April  1 :  An  act  for  raising,  paying  and 
subsisting  one  thousand  seven  hundred  and  fif- 
teen effective  men,  officers  included,  to  be 
employed  in  conjunction  with  the  neighboring 
colonies  on  an  expedition  for  reducing  the 
French  fort  at  Crown  Point,  and  carrying  on  an 
offensive  war  against  the  Indians  who  infest  the 
western  frontiers  of  this  colony,  and  other  pur- 
poses therein  mentioned. 

July  9 :  An  act  more  effectually  to  suppress 
and  prevent  the  counterfeiting  of  the  paper 
currency  of  this  colony. 


94  Early  Taper  Currency. 

Dec.  1 :  All  act  (coiitinuiiiiji;  the  act  of  Dec. 
16,  1737). 

1757. — Dec.  24:  An  act  (continuing  the  act  of  Dec. 
IG,  1737). 

1758. — ISIarch  24 :  An  act  for  raising,  paying,  and 
clothing,  two  thousand  six  hundred  and  eighty 
effective  men,  otficers  inchidcd,  for  forming  an 
army  of  twenty  thousand  men,  with  the  forces 
of  the  neighboring  colonies,  to  invade  the 
French  possessions  in  Canada,  in  conjunction 
with  a  body  of  his  majesty's  reguhir  troops 
and  other  purposes  therein  mentioned. 

Dec.  16:  An  act  (continuing  the  act  of  Dec. 
16,  1737). 

1759. —  March  7  :  An  act  for  raising  a  supply  of  one 
hundred  tliousand  pounds,  for  levying,  paying, 
and  clothing,  two  thousand  six  hundred  and 
eighty  effective  men,  officers  inckided,  for  form- 
ino',  witli  the  forces  of  the  neighboring  eok')nies, 
an  army  of  twenty  thousand  men,  to  invade,  in 
conjunction  with  a  body  of  his  majesty's  regu- 
lar troops,  the  French  possessions  in  Canada; 
for  emitting  bills  of  credit  for  the  like  suni,  and 
for  sinking  and  canceling  the  said  bills  in  short 
periods. 

July  3:  An  act  for  emitting  bills  of  credit 
to  the  amount  of  one  hundred  and  lifty  thou- 


Early  Paper  Currency.  95 

sand  pounds,  to  enable  liis  majesty's  general  to 
pay  tlie  debts  contracted,  and  to  carry  on  bis 
majesty's  service  in  Nortb  America,  and  for 
sinking  tbe  same  witbin  twelve  moutbs. 

Dec.  24:  An  act  (continuing  the  act  of  Dec. 
16,  1737). 

1760. —  March  22:  An  act  for  levying,  paying,  and 
clothing  two  thonsand  six  hundred  and  eighty 
effective  men,  officers  included,  for  forming  an 
army  of  twenty  thousand  men,  with  the  forces 
of  the  neighboring  colonies,  to  reduce  in  con- 
junction with  his  majesty's  regular  troops,  Mont- 
real, and  other  posts  belonging  to  the  French 
in  Canada,  for  emitting  bills  of  credit  for  the 
sum  of  sixty  thousand  pounds,  and  for  sinking 
the  said  bills  in  short  periods. 

'Nov.  8  :  An  act  (continuing  the  act  of  Dec. 
16,  1737). 

1761. — Dec.  31 :  An  act  (continuing  the  act  of  Dec. 

16,  1737). 

1762. — Dec.  11:  An  act  (continuing  the  act  of 
Dec.  16,  1737). 

1763. — Dec.  13 :  An  act  (continuing  the  act  of 
Dec.  16,  1737). 

1770. — Jan.  5  :  An  act  for  emitting  the  sum  of  one 
hundred  and  twenty  thousand  pounds,  in  bills 


96  Early  Paper  Currency. 

of  credit  to  be  put  out  on  loan,  and  to  appro- 
priate tlie  interest  arising  tlicrcon,  to  the  pay- 
ment of  the  debts  of  this  colony,  and  to  such 
public  exigencies  as  the  circumstances  of  this 
colony  may  from  time  to  time  render  necessary. 
(Repealed  by  the  king,  Feb.  14,  1770). 

1771. —  Feb.  IG  :  An  act  (title,  same  as  last). 

1773. — March  8:  An  act  to  remedy  the  evil  this 
colony  is  exposed  to  from  the  great  quantities 
of  counterfeit  money  introduced  into  it. 

1774. —  March  9:  An  act  to  prevent  the  depreciat- 
ing the  paper  currency  of  this  colony. 

1775. — April  3 :  An  act  to  amend  (the  act  of  Feb. 
16,  1771)  so  far  only  as  it  relates  to  the  county 
of  Suftblk. 

1779. —  Feb.  26:  An  act  to  cancel  certain  bills  of 
credit  of  this  state  (of  the  denomination  of  $1 
and  under  issued  by  the  provincial  congress). 

1780.—  March  1 :  An  act  to  cancel  the  defaced 
bills  of  credit  at  this  state. 

June  20 :  A  supplementary  act  to  the  act 
entitled,  an  act  approving  of  the  act  of  congress 
of  tlie  18th  day  of  March  1780,  relative  to  the 
finances  of  the  United  States,  and  making  pro- 
vision for  redeeming  the  proportion  of  this  state 


Early  Paper  Currency.  97 

of  tlie  bills  of  credit,  to  be  emitted  in  pursuance 
of  the  said  act  of  congress. 

Oct,  7  :  An  act  to  procure  a  sum  in  specie, 
for  the  purpose  of  redeeming  one  sixth  part 
of  the  bills  emitted  ou  the  credit  of  this  state, 
pursuant  to  the  act  of  congress  of  the  18th  day 
of  March,  1780,  for  discharging  the  interest  of 
such  bills,  and  for  other  purposes  therein  men- 
tioned. 

1781. —  Feb.  2*2  :  An  act  for  the  better  establishing 
the  rate  of  exchange  between  the  bills  emitted 
upon  the  credit  of  this  state,  pursuant  to  the 
act  of  congress  of  the  18th  of  March,  1780,  and 
the  continental  currency  theretofore  issued. 

March  27  :  An  act  for  emitting  moneys  up- 
on the  credit  of  this  state. 

July  1 :  An  act  to  repeal  such  of  the  laws 
of  the  state  whicli  make  several  emissions  of 
bills  of  credit  a  legal  tender. 

178.5. —  March  14  :  An  act  for  canceling  the  bills 
of  credit  therein  mentioned. 

1786. —  April  18  :  An  act  for  emitting  the  sum  of 
two  hundred  thousand  pounds  in  bills  of  credit 
for  the  purposes  therein  mentioned. 

Ma}'   1  :     An    act   supplementary    (to    the 

above  j. 

13 


98  Early  Paper  Currency. 

1788. —  Feb.  8:  An  act  to  take  out  of  circulation 
the  bills  of  credit  emitted  by  law,  and  to  emit 
others  as  a  substitute. 

1789.. —  Feb.  20  :  An  act  directing  the  treasurer  of 
this  state  to  cancel  certain  l)ills  of  credit  and 
certilicates  therein  mentioned,  and  for  the  fur- 
ther direction  of  the  loan  officers. 


Early  Paper  Currency, 


99 


Rate  of  Depreciation  of  Continental  Bills  of  Credit^  as  fixed 
hy  on  Act  of  the  Leyislature  of  New  York,  passed  March 
30,  1781, /or  the  payment  of  Debts  and  the  Settlement  of 
Accounts. 


Date. 


Sum  requir- 
ed to  pay 
$100. 

1  Per  cent  of 
value. 

100 

100  ■ 

104 

96 

109 

91 

115 

87 

121 

83 

127 

79 

133 

75 

139 

72 

146 

68 

152 

65 

160 

63 

167 

59 

175 

57 

186 

53 

208 

49 

214 

46 

230 

43 

245 

40 

265 

37 

281 

35 

303 

33 

332 

30 

348 

28 

370 

27 

400 

25 

429 

23 

464 

21 

500 

19 

545 

18 

584 

16 

634 

15 

1778,  Dec.  15 

1779,  Jan.     1 

"  15 
Feb.    1 

"  15 
Mar.    1 

"  15 
Apr.    1 

"  15 
May    1 

"  15 
June   1 

"  15 
July    1 

"  15 
Aug.   1 

"  15 
Sept.   1 

"  15 
Oct.     1 

"  15 
Nov.    1 

"  15 
Dec.     1 

"     15 

1780,  Jan.     1 

"  15 
Feb.    1 

"  15 
Mar.    1 

"     15 


679 
742 
796 
868 
932 
1000 
1048 
1104 
1156 
1219 
1272 
1344 
1404 
1436 
1548 
1631 
1709 
1800 
1908 
2032 
2151 
2340 
2433 
2597 
2741 
2932 
3115 
3333 
3533 
3732 
4000 


14 

13 

12 

11 

10.7 

10.0 
9.5 
9.0 
8.7 
8.2 
7.8 
7.4 
7.1 
6.9 
6.5 
6.1 
5.8 
5.5 
5.2 
4.9 
4.6 
4.3 
4.1 
3.8 
3.6 
3.4 
3,2 
3.0 
2.8 
2.6 
2.5 


IN  DEX. 


Beaver,  the  standard  of  currency  in  NewNetherlaud,  2. 
Bellomout,  Earl,  and  Gov.  Dongan,  reconnnend  the  establish 

ment  of  a  mint  in  New  York,  9. 
Bills  of  Credit  first  issued  in  Massachusetts,  G. 

their  early  depreciation,  6. 

introduction  into  Carolina,  6. 

introduction  into  Connecticut,  7. 

the  first  issue  in  New  York,  13. 

as  a  legal  tender  abolished,  50. 
Bills  of  account  passed  as  currency  in  Massacliusetts,  5. 
Blackwell,  John,  establishes  a  Bank  in  Boston  in  1686,  6. 
Bounties  raised  for  Volunteers,  34. 

Bradford,  Wm.,  Printer  of  New  York  Bills  of  Credit,  64-5-6-7. 
Carolina,  the  second  colony  to  issue  Paper  Money,  6. 
Catalogue  of  Bills  of  Credit,  53. 

Clinton,  Goy.  Geo.,  proposes  to  repeal  the  Bills  of  Credit  acts,  35. 
Coin,  its  value  in  the  colonies  established,  11. 

its  value  in  New  York  established  by  the  colonial  assembly  11 
Connecticut,  Bills  of  Credit  introduced,  7. 
Coppers  imported  from  Great  Britain,  35. 
Counterfeiting  Bills  of  Credit,  26,  46. 

the  penalty,  14. 
Defaced  and  torn  bill.,  replaced,  23, 29. 


102  Index. 

Deprc'cialioin)!" Bills  ot'C'rcclil  iuKew  York,  42. 

scale  of  depreciation  established  in  New  York  in  1781,  49. 
Difference  between  Ncav  Y'ork  and  sterling  money  in  lG9o,  10. 
Dollar,  dime  and  cent,  adopted  in  New  Y^ork  in  1799,  50. 
Early  currency  of  New  England,  3, 

currency  of  New  Netherland,  1,  2. 

revenue  of  New  Y'ork,  8. 
E.xcliang-e,  rate  of,  in  1740  and  1748,  ;]7. 
E.xcise  Act  passed  in  New  Y'ork,  15. 
First  currencj'  in  use  in  America,  1. 
Gold  and  Silver  made  a  legal  tender  in  New  Y^)ik,  44. 
Indian  Corn,  a  legal  tender  in  Maryland,  4. 
Interest  at  seven  per  cent  established  in  New  Yoi-k  in  17:38,  24. 
Internal  tax  levied  in  New  Netherland,  9. 
Introduction  of  Paper  Money  into  America,  5. 
Legal  Tender,  Domestic  products  made  legal  tender  in  Pennsyl- 
vania, 4. 

Tobacco  and  Indian  corn,  legal  tender  in  ^Maryland,  4. 

in  New  York,  44. 

first  established  in  New  York,  l(i. 

paper  money  forl)iddeu  as  a  legal  tender  in  tlie  colonies.  37, 

48. 
bills  of  the  neighboring  colonies  not   a   legal  lender  in   >Jew 

Y'ork,  44. 

gold  and  silver  made  legal  tender  in  New  Y'ork,44. 

act  sanctioned  by  parliament  in  1770,  4S. 

bills  of  the  provincial   congress   and   continental   congress 
made  legal  tender,  50. 

acts  making  paper  money  a  legal  teniler  ri'pealed,  .")(». 
Legislature  regulates  the  value  of  the  current  coin  in  >;cw  York. 

11. 
LeRoux,  Chs.,  engraver  of  New  Y'ork  hills,  (i(j. 
Loan  Bill  first  passed,  25. 
Loan  Commissioner's  office  created,  26. 
Long  Bill  passed  in  New  Y''ork,  16. 
Lyon  Dollars,  their  value,  14. 
Massachusetts  first  introduces  paper  money  in  America.  5,  6. 


Index.  103 

Merchants  of  New  York  petition  for  increase  of  currency,  10. 
Mint,  Gov.  Stuyvesaut  proposes  to  establish  a  mint  at  New  Am- 
sterdam, 3. 
Earl  Bellomont   and  Gov.   Dongan  suggest   mint  at  New 
York,  9. 
Money,  petition  to  raise  the  value  of,  in  1642,  2. 
Musket  balls,  currency  in  Massachusetts,  3. 
New  England  Early  Currency,  3. 

wampum  introduced  as  a  currency,  3. 
New  York  Early  Currency,  8,  9. 

early  revenue,  8. 
Paper  Money,  its  introduction  into  America,  5,  G. 

first  issue  in  New  York,  13. 
Parliament    passes    an    act    regulating  the  value  of  coins  in 
America,  12. 
proposition  to  forbid  the  issue  of  legal  tender  bills  in   the 

colonies,  31. 
regulates  and  restrains  the  issue  of  Paper  Money  in  the  colo- 
nies, 37,  43. 
sanctions  a  legal  tender  act  in  New  York,  46. 
Peltry,  the  first  currency  of  America,  1. 
Pieces  of  eight,  their  value  in  New  York,  10, 12. 
Proclamation  of  Queen  Anne,  regulating  the  value  of  coin  in  the 

colonies,  11. 
Razier,  Isaac,  introduces  Avampum  into  New  England,  3. 
Seven  per  cent  interest  established  in  New  York,  24. 
Stamp  office  cstabfished  in  New  York,  40. 
Tax,  internal,  when  first  levied  in  New  Netherland,  9. 
Tobacco  as  currency  in  Virginia,  4. 

made  legal  tender  in  Maryland,  4. 
Wampum,  the  first  currency  of  America,  1,  3. 
how  made  and  its  value,  1,  2. 
introduced  into  New  England,  3. 
Zenger,  John  Peter,  printer  of  the  New  York  bills  of  credit,  66. 
Zewan,  or  wampum,  the  first  currency  of  America,  1. 


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